Experian has added behavioral analytics to its fraud detection capabilities by acquiring NeuroID.
Adding this new layer of insight into digital behavioral signals for both new and returning users will help combat artificial intelligence (AI)-enabled fraud, the companies said in a Tuesday (Aug. 13) press release.
“Together with NeuroID, we’re excited to build new blended offerings that detect risk but also empower businesses to confidently navigate the online landscape and trust in their transactions,” Robert Boxberger, president of Experian’s North American Identity & Fraud business, said in the release. “In today’s highly competitive and digital-first world, the use of behavioral analytics is now vital for innovating for the future of fighting fraud.”
NeuroID’s behavioral analytics solutions are available through CrossCore on the Experian Ascend Technology Platform, according to the release.
They join Experian’s existing identity verification and fraud solutions, allowing clients to use one service provider to monitor and analyze users’ real-time digital behavior, such as how they navigate a form and enter information, during account openings, logins, transactions and other interactions during the customer lifecycle, the release said.
This combination comes at a time when companies are seeking new types of fraud-detection technology to combat new forms of fraud enabled by the emergence of generative AI, per the release.
“Companies are under immense pressure to rapidly innovate and advance their approach to fighting fraud,” NeuroID CEO Jack Alton said in the release. “NeuroID unlocks a new view into a user’s riskiness based on behavioral interactions. This view arms companies with a proactive, first line of defense to detect sophisticated fraud rings and bot attacks.”
Fifty-two percent of financial institutions plan to implement or increase their use of AI and machine learning (ML) fraud prevention models, according to the PYMNTS Intelligence and Hawk collaboration, “Leveraging AI and ML to Thwart Scammers.”
The report also found that financial institutions leveraging these technologies reported lower incidences of nearly every common form of fraud.
Companies are increasingly adding behavioral analytics to their anti-fraud efforts, Alton told PYMNTS CEO Karen Webster in an interview posted in June 2022.
“I think the overall market is understanding that simply relying upon third-party data sources that are historical and fact-based are not going to be adequate,” Alton said. “Adding behavior to the mix, especially upfront, top of funnel, can really help us get more from those investments that we’ve made today and deliver on much better experiences.”
The post Experian Expands Fraud Detection Capabilities With NeuroID Acquisition appeared first on PYMNTS.com.
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