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Callcredit is using Microsoft AI to catch fraudsters trying to take loans in your name

Recently Microsoft has announced that Callcredit, one of the UK’s biggest credit reference agencies, is using Microsoft’s Azure Machine Learning to spot fraudulent loans applications and protect consumers.

The company, which works with lenders across the UK, partnered with Microsoft to build the next generation of predictive tools, enabling greater certainty and providing customers with a better service. Key points of the announcement include:

  • Azure Machine Learning has helped Callcredit improve predictive accuracy across a range of established date models, namely in the identification of fraudsters trying to sign up to its credit report service, named Noddle, and preventing them from getting access to those credit reports
  • CallCredit has also harnessed Azure Machine Learning to improve the accuracy of underwriting decisions, enabling it to sport people who fail to pay back loans, either intentionally or because of legitimate financial problems
  • A trial run by the company using Microsoft’s technology cut the level of default in a portfolio of 60,000 credit cards by more than £1 million, proving to be a better way of spotting people who would default on loans
  • Azure Machine Learning has also freed up Callcredit’s fraud detection specialists, allowing them to focus on more sophisticated patterns of criminal activity as well as providing a proof of concept to enable it to offer the service to its wider client base

Find out more here.

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