Nov 2018 | Fraud Prevention | Fraud

Last night, Experian was awarded the Cyber Security Initiative of the Year at the Risk Management Awards 2018. Together with my colleagues Boris Huard, Managing Director – Experian Decision Analytics UK&I, and Donna DePasquale, Senior Vice President Global Decision Analytics marketing, were at the ceremony to collect the award, alongside Fintech partners Emailage and Mitek.

Experian won the award based on the innovative work we’ve been doing for identity and fraud. Our approach is underpinned by our CrossCore platform. CrossCore is the industry’s first open platform designed to catch fraud faster, improve compliance and enhance the customer experience. CrossCore gives companies an easier way to connect any new or existing tools and systems in one place, whether they are Experian, internal or third-party partner solutions. This ‘plug-and-play’ capability allows companies to rapidly adapt to changing conditions and risks. Contained within is a powerful workflow and strategy design capability that allow fraud and compliance teams to create and adapt strategies based on evolving threats and business needs so you can prevent threats, as soon as new threats are seen.

A key feature of the platform is the ease of integration with third-party partner solutions. For a long time, fraud and operations teams have been challenged with the significant amounts of time and effort this can take. This means change happens slowly, risking more fraud, and more losses – to consumers, and to businesses.

Through CrossCore, the responsibility of integrating additional tools and systems moves away from those teams to the platform itself, enabling you to select best-in-class solutions from multiple providers without creating a strain on resources.

How can CrossCore help you?

  • Drive top-line growth by reducing the friction and false positives that cause customer fallout to improve the customer experience and decision control
  • Rapidly respond to new business initiatives using plug-and-play integration
  • Orchestrate decisions across all your fraud and identity services by using your services all at once, and in any combination or sequence, based on decision logic to get the level of confidence you require
  • Quickly adapt to changing conditions to fight fraud faster
  • Streamline your business’s fraud prevention strategy and precisely tailor strategies based on transaction type by combining all your services on one platform
  • Increase operational efficiency by driving down the cost to deploy tools and strategies
  • Evolving fraud schemes, changes in regulatory requirements, and new digital initiatives are just a few of the drivers behind a relentless pace of change that warrants a new way to manage fraud that allows organisations to quickly scale and flex in response to new risks and without causing too much friction for customers.

At Experian, we use data science, analytics and technology to unlock the value that’s hidden in data. We interpret huge volumes of data, and transform that information for sharper customer insights. Insights that help businesses make decisions on millions of credit applications every year, including checking that applicants are who they say they are, to prevent fraud.  In an ever-changing fraud landscape, we continue to develop our identity and fraud solutions to better protect businesses and their customers and analyse the latest trends to provide our clients with invaluable insights. Find out more about our CrossCore platform and other identity and fraud solutions here.