May 2024 | Identity & Fraud |

Experian has been positioned as a Leader in the IDC MarketScape: Worldwide Enterprise Fraud Solutions 2024 Vendor Assessment (doc #US51939124, March 2024). According to the IDC MarketScape, key fraud prevention capabilities include AI and Machine Learning (ML), along with the increased computing power that is available via cloud-based solutions.

Why are these two capabilities highlighted as being the most important for fast and effective fraud prevention? The simple answer is that they act as enablers. Cloud allows for easy access to vast amounts of information, with additional compute power on demand. This processing capacity and large datasets are critical to the development of ML-based fraud risk models.

However, ML powers more than just risk models. It is the analytical backbone behind a wide variety of specialised fraud prevention solutions. These range from biometric authentication, behavioural analysis, device fingerprinting, document verification and more.

As a cloud-based fraud platform, Experian CrossCore uses ML within its individual fraud solutions but also, crucially, as a means to integrate multiple different solution outputs into a single recommendation. It is this intelligent user journey orchestration that we believe makes CrossCore one of the top fraud platforms in the world.

Highlights from the IDC MarketScape report

The IDC MarketScape: Worldwide Enterprise Fraud Solutions 2024 Vendor Assessment (doc #US51939124, March 2024) provide analysis and insight that help global business executives make fact-based decisions about their technology partners.

The report includes a detailed analysis of fraud solution vendors’ capabilities and strategies, along with current and future market success factors.

IDC MarketScape vendor analysis model is designed to provide an overview of the competitive fitness of ICT suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. The Capabilities score measures vendor product, go-to-market and business execution in the short-term. The Strategy score measures alignment of vendor strategies with customer requirements in a 3-5-year timeframe. Vendor market share is represented by the size of the icons.

The IDC MarketScape report noted, “In addition to evaluating the transactional data for potential fraud, Experian’s CrossCore solution includes identity-authentication tools. The solution uses identity data, device intelligence, email and phone intelligence, alternative identity data, biometrics, behavioural biometrics, one-time passwords, and document verification to confirm identities and aid with identity protection, including synthetic identity protection. Experian utilizes multiple data partnerships in its fraud solution, which often can help provide a more comprehensive understanding of fraud risks and exposures.”

How does ML-powered fraud orchestration work?

Orchestrating multiple fraud solutions without making the onboarding journey too complicated is a challenge for many organisations. Different risk signals need to be consolidated into a single assessment to reduce friction and provide an automatic overall decision.

This is why Experian developed CrossCore®, an integrated digital identity and fraud platform that combines multiple fraud solutions in a single cloud-based decision engine. CrossCore allows you to seamlessly connect your own fraud solutions with Experian’s, or other third-party providers’ solutions.

In addition, you can customise decisioning workflows for each customer depending on their risk level. The result is that low-risk customers have a streamlined journey, while high-risk customers must complete further authentication steps. This plug-and-play platform can help you future-proof your account opening process by adding new capabilities as they are developed.

Download an excerpt of the IDC MarketScape report

For more information on the IDC MarketScape: Worldwide Enterprise Fraud Solutions 2024 Vendor Assessment, you can download an excerpt from the report.

If you would like to know more about CrossCore®, contact Experian today and speak to a local representative. Our expert consultants can help you identify where your fraud weak points are and advise you on the most effective fraud prevention solution for your business.