Our latest research shows fraud prevention is now the top priority for 73% of business respondents. In an effort to prevent fraudulent transactions, many businesses have encountered an even bigger issue – legitimate customers that are rejected in error due to outdated or underperforming fraud rules. Research suggests that the cost of false positives can often amount to more than the value of fraud losses. The knock-on effects from false positives are also considerable, with loss of revenue and damage to brand reputation.
“Fifty-seven percent of the business leaders we surveyed find it challenging to strike the right balance between growing revenue and reducing fraud losses. To combat increasingly sophisticated fraud threats, many firms are looking to utilise AI, and in particular Machine Learning technology, to improve the accuracy of their fraud decisions whilst providing a seamless customer experience.” – Malin Holmberg, CEO Experian EMEA & APAC
Experian recognised that businesses need to lower their fraud levels without impacting conversion rates – so we created Aidrian, an innovative fraud solution that focuses on revenue growth. This powerful modular transactional fraud solution combines a state-of-the-art customised Machine Learning model with device fingerprinting to automatically classify transactions with 99,9% accuracy. Aidrian’s ability to differentiate between legitimate customers and fraudsters can significantly reduce false positives, helping to generate up to 15% more revenue for clients.
Aidrian’s Machine Learning Model is self-learning, and re-trained with new data constantly, allowing increasingly accurate recommendations over time. This considerably reduces the volume of manual reviews, relieving pressure on clients’ fraud teams.
“The high level of accuracy delivered by Aidrian helps businesses to prevent fraud, while providing genuine customers with a smooth and frictionless checkout or onboarding process. Globally our customers have been looking for a way to balance revenue growth with fraud prevention, and, having developed and successfully trialled Aidrian in Germany over the past year, we are very excited to offer this solution in other markets.” – Malin Holmberg, CEO Experian EMEA & APAC
As digital adoption continues to expand globally, online businesses will need to stay at pace with fraud threats. Experian’s latest fraud solution, Aidrian, continually adapts as new fraud threats emerge to prevent losses while safely growing revenue.
To learn more about Aidrian, visit our website.