Floa Chooses AI to Fight Fraud
Context
FLOA Bank (formerly Banque Casino) is a specialist in online consumer credit, financing thousands of loans every year. Key figures:
3 million customers
100 e-commerce partners
300 employees at FLOA
With a 100% digital offering, FLOA Bank is currently the leader in installment payments.
Challenges
Every year, French authorities face a very high volume of fraud, and consumer credit institutions are constantly searching for tools to curb it. Between €1 million and €2 million in fraud is recorded annually on classic personal loans. This growth has highlighted the proliferation of fraud scenarios (the fraudsters' methods) and increased the time experts spend detecting them.
FLOA Bank needed to learn from past fraud cases to detect attempts before the credit approval decision and thus lighten the workload of its advisors.
FLOA Bank is intensifying its fight against credit fraud by implementing the Scoring.AI tool along with AI and Machine Learning solutions.
Another major challenge for the group was to integrate Machine Learning and AI into its processes to reduce fraud through high-performance scoring.
Methods and Solutions
Implementation of a Machine Learning and AI solution alongside a high-performance scoring tool.
Benefits
75%
of potential fraud avoided
- 6%
in loands financed