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Experian is recognized as a leading fraud solution provider

Published: November 4, 2016 by Guest Contributor

Experian has been named to Banking CIO Outlook’s Top 10 Security Solution Providers, highlighted in the October 2016 issue of the magazine.

“Fraud patterns are evolving faster than ever, and each new change pushes us to be better. That’s why we developed CrossCore, the industry’s first open platform designed to catch fraud faster, improve compliance and enhance the customer experience,” said Steve Platt, global executive vice president, Fraud and Identity, Experian. “Our goal is to provide the very best fraud solutions to our clients, so it’s a tremendous honor for Experian and CrossCore to be recognized.”

BankCIO

Experian’s CrossCore gives companies an easy way to connect new and existing fraud and identity systems into one central service. This plug-and-play capability allows companies to blend disparate services through a common access point that then enables a layered approach to managing risks. CrossCore includes powerful workflow and strategy design capabilities that allow fraud and compliance teams to rapidly create and adapt strategies based on evolving threats and business needs.

“We are proud to feature Experian in our magazine as one of the Top 10 Security Solution Providers of 2016,” said James Robertson, managing editor of Banking CIO Outlook. “Experian Fraud and Identity makes its clients feel safe, valued and confident by protecting them every step of the way.”

Banking CIO Outlook provides banking professionals with the latest industry trends and news. Each month the magazine identifies experts to help readers address the challenges faced by the banking industry. The October issue highlighted Experian as a top security solution provider, presenting Experian’s unique value proposition in fraud.

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In today’s digital lending landscape, fraudsters are more sophisticated, coordinated, and relentless than ever. For companies like Terrace Finance — a specialty finance platform connecting over 5,000 merchants, consumers, and lenders — effectively staying ahead of these threats is a major competitive advantage. That is why Terrace Finance partnered with NeuroID, a part of Experian, to bring behavioral analytics into their fraud prevention strategy. It has given Terrace’s team a proactive, real-time defense that is transforming how they detect and respond to attacks — potentially stopping fraud before it ever reaches their lending partners. The challenge: Sophisticated fraud in a high-stakes ecosystem Terrace Finance operates in a complex environment, offering financing across a wide range of industries and credit profiles. With applications flowing in from countless channels, the risk of fraud is ever-present. A single fraudulent transaction can damage lender relationships or even cut off financing access for entire merchant groups. According to CEO Andy Hopkins, protecting its partners is a top priority for Terrace:“We know that each individual fraud attack can be very costly for merchants, and some merchants will get shut off from their lending partners because fraud was let through ... It is necessary in this business to keep fraud at a tolerable level, with the ultimate goal to eliminate it entirely.” Prior to NeuroID, Terrace was confident in its ability to validate submitted data. But with concerns about GenAI-powered fraud growing, including the threat of next-generation fraud bots, Terrace sought out a solution that could provide visibility into how data was being entered and detect risk before applications are submitted. The solution: Behavioral analytics from NeuroID via Experian After integrating NeuroID through Experian’s orchestration platform, Terrace gained access to real-time behavioral signals that detected fraud before data was even submitted. Just hours after Terrace turned NeuroID on, behavioral signals revealed a major attack in progress — NeuroID enabled Terrace to respond faster than ever and reduce risk immediately. “Going live was my most nerve-wracking day. We knew we would see data that we have never seen before and sure enough, we were right in the middle of an attack,” Hopkins said. “We thought the fraud was a little more generic and a little more spread out. What we found was much more coordinated activities, but this also meant we could bring more surgical solutions to the problem instead of broad strokes.” Terrace has seen significant results with NeuroID in place, including: Together, NeuroID and Experian enabled Terrace to build a layered, intelligent fraud defense that adapts in real time. A partnership built on innovation Terrace Finance’s success is a testament to what is  possible when forward-thinking companies partner with innovative technology providers. With Experian’s fraud analytics and NeuroID’s behavioral intelligence, they have built a fraud prevention strategy that is proactive, precise, and scalable. And they are not stopping there. Terrace is now working with Experian to explore additional tools and insights across the ecosystem, continuing to refine their fraud defenses and deliver the best possible experience for genuine users. “We use the analogy of a stream,” Hopkins explained. “Rocks block the flow, and as you remove them, it flows better. But that means smaller rocks are now exposed. We can repeat these improvements until the water flows smoothly.” Learn more about Terrace Finance and NeuroID Want more of the story? Read the full case study to explore how behavioral analytics provided immediate and long-term value to Terrace Finance’s innovative fraud prevention strategy. Read case study

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