LaSer blasts fraud with Foil models

May 26, 2010

LaSer UK, a leading provider of revolving and fixed term credit and customer programmes, has appointed Jaywing to develop bespoke fraud prediction models for its credit card portfolio. In addition, they join other leading organisations in contributing to the Foil fraud syndicate.

Following detailed profile analysis of the credit card portfolio, Jaywing has demonstrated that certain distinct characteristics can be used to identify first and third party frauds at the point of application. A 'proof of concept'analysis showed that purpose-built first and third party fraud prediction models will greatly reduce fraud losses, while driving down false positive rates.

The models will be based on LaSer's own data, combined with Credit Reference Agency data. Other leading organisations that use Jaywing models include M&S Money, HFC, The Co-operative Bank, HBOS Credit Card, Alliance & Leicester, Bank of Scotland Dealer Finance and Home Retail Group.

Jaywing has successfully used its Foil models to improve the accuracy and efficiency of fraud detection for many UK organisations. Previous results include:

  • 12% more fraud detected - Alliance & Leicester
  • 90% reduction in third party per-click fraud detection fees - Bank of Scotland Dealer Finance

Christophe Lejart, Risk Director at LaSer UK commented:

“Jaywing's unrivalled predictive modelling expertise will help LaSer UK to address the growing problem of first party fraud. During the proof of concept, the Jaywing team has shown that its advanced and robust methodologies deliver a highly predictive fraud score, with demonstrable impressive results.”

Adrian Lingard, Managing Director at Jaywing commented:

“LaSer UK's portfolio of over 4 million cardholders throughout the DUET network lends itself perfectly to this type of predictive modelling. Creating distinct models for each type of fraud ensures the predictive power is harnessed in each to best effect. Using an organisation's available data to predict suspicious consumer behaviour is second nature to Jaywing's fraud analysts, and we look forward to making a very real difference to LaSer's fight against fraud.”