LexisNexis Risk Solutions AI Tool Doubles Dell's Fraud Capture
The Emailage Adaptive system, designed for real-time adaptation to evolving fraud schemes, also cut Dell's low-risk manual reviews by 83%.
New AI Fraud Detection System Launched
LexisNexis Risk Solutions has introduced Emailage Adaptive, an artificial intelligence (AI) system for detecting fraud. The tool automatically adjusts to new fraud patterns, aiming to lower false positives. It learns continuously from an organisation's transaction data, confirmed fraud cases, and wider industry trends, eliminating the need for manual model adjustments.
This system analyses various signals, including email addresses, IP addresses, phone numbers, and physical addresses, to generate fraud risk scores for account opening, management, and payments.
Dell Technologies Reports Significant Gains
Among its users, Dell Technologies has reported substantial improvements with Emailage Adaptive. LexisNexis Risk Solutions stated that Dell doubled its fraud capture rate for high-risk transactions. Dell also reduced manual reviews of low-risk transactions by 83%, enhancing operational efficiency.
The technology demonstrated its effectiveness in tests cited by LexisNexis Risk Solutions, identifying approximately 90% of fraud within the highest-risk transactions while reducing false positives by over 80%.
Adapting to Evolving Fraud Threats
The Emailage Adaptive system also provides specific reason codes for its risk scores, supporting explainability, data privacy, and bias mitigation. Kimberly Sutherland, Global Head of Fraud and Identity at LexisNexis Risk Solutions, noted that generative AI has accelerated fraud attacks beyond the pace of most manual prevention strategies.
She added that self-calibrating fraud models like Emailage Adaptive can instantly adjust to subtle changes, improving predictive accuracy and cutting manual workload.
Asian companies, particularly those in e-commerce and financial services, face similar challenges from rapidly evolving fraud schemes. Implementing adaptive AI solutions could yield comparable benefits in fraud prevention and operational cost savings.
For instance, payment processors in Singapore or online retailers in Vietnam could see reduced fraud losses and lower overheads from manual review processes. The ability to adapt quickly to new fraud patterns, driven by generative AI, will become crucial for maintaining secure and efficient digital transactions across the region.
This article is journalism, not investment advice; consult a licensed professional before making financial decisions. Market data is indicative, may be delayed, and should be verified with your broker or exchange before use.
Comments.
Comments are moderated. We remove what is unlawful, abusive or off-topic, and and you remain responsible for what you post.
Reader comments open soon. Until then, corrections and responses go to our newsroom, and we publish what we get wrong on Corrections.