Experian today announced a strategic investment in Resistant AI, a leading provider of AI-powered financial crime prevention and detection, to bolster its innovative and transformative fraud and financial crime offering. This collaboration combines Experian’s superior data, technology and expertise with Resistant AI’s sophisticated modelling and anomaly detection.

With Experian’s latest Fraud and FinCrime report revealing that the number one fraud encountered by U.K. businesses is Authorized Push Payment (APP) fraud (47%), this partnership’s first initiative will be launching a tailored APP fraud prevention solution.

APP fraud straddles the line between fraud and Anti-Money laundering (AML), leveraging money-mule networks and real-time cross-bank transfers to evade detection. To counter financial crime of this nature, individual banks and payment providers need visibility into counterparties – an effort complicated by strict privacy and data-sharing regulations.

Experian and Resistant AI will directly address these challenges by tapping into Resistant AI’s state of the art AI models that detect fraud and money laundering behaviours in real time. The solution, available later this year, is designed to complement existing transaction monitoring systems and will enable businesses to proactively identify and halt suspicious transactions before processing.

In addition, the solution will identify new or previously unknown methods of attack without disrupting current processes or requiring costly transformation programmes.

"The landscape and sophistication of financial crime has evolved, and it is imperative for financial institutions to leverage advanced technologies that enhance their visibility and responsiveness," said David Bates, Managing Director of Credit and Verification Services, Experian UK&I.

"This partnership enables financial institutions to effectively combat sophisticated fraud and money laundering techniques, safeguarding not only their operations and reputation but also their customers."

Martin Rehak, CEO of Resistant AI, emphasised, “Financial criminals are increasingly using AI techniques to innovate and scale successful attacks to a large number of victims. Simultaneously, the boundaries between fraud and AML are disappearing; APP fraud can morph into money laundering in under 5 seconds.

"This makes traditional rule-based engines with manual analysis rapidly obsolete – the use of AI in financial crime prevention stacks is no longer optional. Our joint offering combines broad data with the best engines to deliver highly accurate, real-time prevention."