Experian Fraud Score Aims to Boost Fraud Prevention in the UK
September 28 2022 - 3:00AM
Business Wire
Advanced analytics technology will help more
businesses and smaller organisations in the battle against
fraud
Solution accurately identifies 2 in 3 frauds
from the riskiest 1% of transactions
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.
To find out more about Experian Fraud Score visit
www.experian.co.uk/business-products/experian-fraud-score
*Online Payment Fraud report 2022, Juniper Research
About Experian
Experian is the world’s leading global information services
company. During life’s big moments – from buying a home or a car,
to sending a child to college, to growing a business by connecting
with new customers – we empower consumers and our clients to manage
their data with confidence. We help individuals to take financial
control and access financial services, businesses to make smarter
decisions and thrive, lenders to lend more responsibly, and
organisations to prevent identity fraud and crime.
We have 20,600 people operating across 43 countries and every
day we’re investing in new technologies, talented people, and
innovation to help all our clients maximise every opportunity. We
are listed on the London Stock Exchange (EXPN) and are a
constituent of the FTSE 100 Index.
Learn more at www.experianplc.com or visit our global content
hub at our global news blog for the latest news and insights from
the Group.
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version on businesswire.com: https://www.businesswire.com/news/home/20220928005110/en/
Robert Goodman, PR Manager, Corporate & Business, UK&I,
Experian Tel: +44 7989 398 498 / Email:
Robert.Goodman@Experian.com
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