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 (Online Payment Fraud report 2022, 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 Machine Learning capabilities, front-line data analytics and proprietary bureau and fraud outcome data, Experian Fraud Score deploys a probability scoring system from one 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.
“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,” said Eduardo Castro, Managing Director, Identity and Fraud, Experian UK&I.
