In a bid to tackle the rising threat of fraud, global information services company Experian has partnered with behavioral analytics firm NeuroID to enhance its fraud prevention solutions.
The goal of the partnership is to combat identity theft, deter fraud attacks and protect against AI-powered bots, the company said in a Tuesday (Dec. 5) press release.
“With AI-enabled bot attacks on the rise, NeuroID’s unique behavioral analytics combined with our trusted fraud prevention solutions can help clients make informed, automated decisions during the account opening process, ultimately helping mitigate losses,” said Kathleen Peters, chief innovation officer for Experian Decision Analytics in North America.
According to a recent report by Experian, nearly 70% of businesses have experienced an increase in fraud losses, making identity verification and fraud detection increasingly vital. Bad actors often employ elusive attack patterns that are difficult to detect without in-depth insights, the release said.
By integrating NeuroID’s behavioral analytics solution — which analyzes users’ real-time behavior, including keystrokes, mouse movements and typing speed — to determine if there are genuine or fraudulent intentions, Experian said its clients can now deploy a fraud detection tool that identifies user intentions through data-driven insights.
NeuroID CEO Jack Alton highlighted the importance of defending against fraud threats while enabling genuine users to have a smooth experience.
“By interpreting the subtle nuances in real-time user behavior, we proactively identify and thwart malicious actors while ensuring seamless interactions for legitimate customers. It’s a game-changer for businesses seeking both robust security and customer satisfaction,” Alton said in the release.
This comes as banks and payment firms are turning to AI to combat fraud amid a double-digit surge in sophisticated fraud and financial crime.
According to a survey conducted by PYMNTS Intelligence, AI can help banks improve their fraud detection capabilities, flag potential fraudulent activities and predict future fraudulent behavior based on historical data.
Additionally, advanced biometric technologies, such as facial recognition and voice recognition, can be integrated into AI systems to provide strong authentication methods, adding an extra layer of security, and ensuring that only authorized individuals can access their accounts and make transactions.
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