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How did a major consumer credit organization effectively combat fraud with the increased online loan application process?
FLOA Bank (Banque Casino) is the specialist in online consumer credit and finances thousands of loans each year. Some figures :
With a 100% digital offer, FLOA Bank is now the leader in multi-party payments.
Every year, the French authorities are faced with a very high number of frauds and consumer credit institutions are constantly looking for tools to curb them. Each year, between €1 and €2 million in fraud is recorded for traditional personal loans. This boom has highlighted the multiplication of fraud kinematics (fraudsters' modus operandi) and has increased the time spent by experts to detect them.
FLOA Bank (Banque Casino) needed to learn from past fraud cases so that it could detect attempted fraud before the decision to grant loans was made and thus ease the workload of its advisors.
Another important challenge for the group was to use and integrate Machine Learning and AI into its processes to reduce fraud through high performance scoring.
Implementation of a Machine Learning and AI solution and a powerful scoring tool.
Little impact on business
While fraud attempts are increasing by 30% per year, Scoring.AI has enabled us to reduce fraud by more than 50%.
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