Experian India Launches AI-Driven Solution To Tackle Fraud In Financial Sector
The tool integrates with existing fraud detection systems of organisations and plans to offer a closed user group, restricted data-sharing network.
Experian India, a provider of data and technology solutions, has launched AiDRIAN, an advanced tool that detects potential fraud. AiDRIAN offers a comprehensive approach for detecting potential fraud at its source, preventing the possibility of financial loss in real time, and maintaining the company's reputation, Experian said. The tool also enhances customer experience while reducing the need for manual reviews and interventions.
According to Experian’s 2024 Future of Fraud Forecast report, nearly 70% of businesses report increased fraud losses in recent years, and over half of consumers feel more vulnerable to fraud than before. AiDRIAN integrates device profiling, analysing over 150 device parameters to create unique device IDs and identify anomalies. This real-time protection adapts new tactics through self-learning capabilities.
"With the alarming increase in frauds reported by banks this year, the financial industry faces unprecedented challenges. Experian recognised the need for lenders to reduce fraud levels without impacting conversion rates, leading to the creation of AiDRIAN," said Manish Jain, country managing director of Experian India.
"Its machine learning model is self-learning and continuously re-trained with new data, offering increasingly accurate recommendations over time. For the lending industry, where trust and security are paramount, adopting advanced technologies to detect potential fraud with AiDRIAN is essential to mitigate risks and build competitive advantage," Jain added.
The tool integrates with existing fraud detection systems of organisations and plans to offer a closed user group, restricted data-sharing network where members may exchange information about known potential fraudulent activities. This aids in cross-platform detection, identification of fraud hotspots using IP-geolocation data, and recognition of multiple identities on one device.
