Experian has announced the launch of Experian Fraud Score, a next generation fraud prevention solution which will help businesses of all shapes and sizes to detect fraud at the point of application, transaction and throughout the customer lifecycle.
The service is independent of any data consortium membership, allowing organisations to have access to an advanced fraud prevention score ‘out-of-the-box’.
Experian technology helped prevent £1.8 billion in fraudulent transactions in the UK during last 12 months alone. It has just been named as the leading global provider of online payment fraud solutions by Juniper Research.
By harnessing the insights from billions of credit applications and application data points, alongside confirmed fraud application data, the launch of Experian Fraud Score marks a new era in fraud prevention technology, widening access to this cutting-edge technology in the market.
Developed using the latest Machine Learning capabilities, front-line data analytics, and proprietary bureau and fraud outcome data, Experian Fraud Score deploys a probability scoring system from 1 to 1,000 – with a low score signifying a lower risk – to help businesses better understand the fraud risk of each new and existing customer interactions.
Eduardo Castro, Managing Director, Identity and Fraud, Experian UK&I, said: “Machine Learning is the foundation on which new fraud prevention systems are being built and thanks to Experian Fraud Score, new and emerging businesses – as well as established ones – can leverage the benefits.
“Whether an organisation is taking its first step into fraud prevention, or it has a sophisticated team with multiple technologies and capabilities already in place, the solution will support businesses of all sizes in the ongoing, evolving battle against fraud.”
Delivered via the award-winning CrossCore platform, Experian Fraud Score will empower new and smaller businesses to establish their fraud prevention systems simply and help them meet any compliance requirements too.
Simply submitting basic application information such as name, address, and date of birth, and a fraud score will be returned, with additional insights into the decision available. Users will receive results in real time from the day they implement the service, giving them access to crucial information immediately.
Users will also be able access to the full suite of Experian CrossCore services and functionality, including Identity and Age Verification, Device Intelligence and other fraud prevention tools.