Experian and BioCatch Provide a Global Financial Services Provider With a 73% Lift in Fraud Detection

By AIT News Desk On Sep 22, 2020

Layered Behavioral Biometrics, Device Intelligence and Machine Learning Drive Stronger Account Opening Fraud Detection and Substantial Operational Improvements

Amidst the pandemic, consumers have progressively shifted more and more of their activities online. Concurrently, there has been a surge in fraudulent attempts – industry data suggests that, since the beginning of the COVID-19 pandemic, there has been a 33 percent increase in account opening (AO) fraud¹. Furthermore, 57% of businesses have reported higher losses from account opening and account takeover fraud in the past year, per 2020 Experian Global Identity and Fraud Report. In this challenging environment, a global financial services provider sought Experian’s expertise to keep ahead of fraudsters and stay on top of the evolving digital landscape.

Experian joined forces with behavioral biometrics provider and CrossCore partner BioCatch to deliver a layered fraud detection approach. Together, they proved that layering multiple identity and fraud detection capabilities can help authenticate legitimate customers, improve their experience and mitigate the risk of fraud. Combining consumer behavior insights, device attributes and machine learning provided optimal results, with a 73% increase in fraud detection and up to $23 million in fraud prevention savings.

“In today’s new environment, companies have no choice but to provide safe and convenient digital experiences while optimizing their operations,” said Marika Vilen, SVP Platform Commercialization, Global Identity & Fraud at Experian. “At Experian, we know there’s no silver bullet when it comes to fighting fraud, that is why we continue to develop our curated partner ecosystem and took this opportunity to demonstrate how a layered approach makes a significant impact.”

Nano Labs Launches FPU3.0 ASIC Design Architecture with 3D DRAM Stacking for AI and Blockchain Innovation

Dec 26, 2024

Scalable AI Integrations To Boost Business Workflows

Dec 26, 2024

Zenity Introduces the First Comprehensive AI Security Posture Management Solution to Govern Microsoft Fabric AI Skills

Dec 24, 2024

Prev Next 1 of 40,689

“We are excited about the success that has been achieved through our support of the anti-fraud efforts of Experian, a company that shares our commitment to innovation in fraud prevention and dedication to customer experience,” said BioCatch founder Avi Turgeman. “Layering BioCatch behavioral biometrics on top of Experian’s own capabilities adds a powerful frictionless dimension of intelligence to Experian’s digital identity offerings and further enables organizations to react quickly to changing usage patterns and emerging risk.”

BioCatch is part of Experian’s CrossCore partner ecosystem. Our flagship identity and fraud prevention platform combines advanced analytics, rich data assets, identity insights and fraud prevention capabilities. Businesses can connect any new or existing tools and systems in one place, whether it be Experian’s, our partners’ or their own. With its built-in strategy design and enhanced workflow, fraud and compliance teams have more control to quickly adjust strategies based on evolving threats and business needs, which helps to improve efficiency and reduce operational costs.

To date, CrossCore is being used by more than 250 clients worldwide. Experian fraud and identity services are available through the CrossCore platform.