ATLANTA, Nov. 10, 2020 /PRNewswire/ -- LexisNexis® Risk
Solutions today announced LexisNexis® Fraud
Intelligence, the newest addition to the company's suite of fraud
and identity products. LexisNexis Fraud Intelligence is a non-FCRA
solution that helps organizations mitigate new account fraud risk
by bringing together identity events and consumer application
activity to arrive at a comprehensive, powerful score that offers
complete view of identity. The new tool limits friction for
legitimate consumers because it can identify applications in
real-time that are most likely fraudulent.
The identity verification and authentication solutions that
worked for organizations in the past may not be a match for today's
more sophisticated identity fraud attacks. Risk management
professionals tend to combat emerging fraud vectors by imposing
more rigorous security measures. Too often, these measures have
high false positive rates and any time a company makes legitimate
consumers jump through hoops or delays an application approval, the
company risks consumers abandoning the process.
Julie Conroy, senior analyst from
Aite, stated, "Financial services firms have seen a sharp uptick in
application fraud in 2020, while at the same time good prospective
customers are shifting much of their behavior to digital channels.
The ability to effectively differentiate good from bad in digital
channels is no longer a key strategy; it is now a competitive
imperative. Collaborative solutions like LexisNexis Fraud
Intelligence promises to be a valuable element of the control
framework."
LexisNexis Fraud Intelligence analyzes hundreds of unique
identity characteristics, identity application behaviors and
identity events to provide real-time insight into application fraud
risk. It detects inconsistencies and recognizes fraud patterns
within application profiles that other fraud tools miss, delivering
a fraud risk score, which provides an up-to-date view that predicts
the likelihood an application will result in fraud should the
consumer open an account. The score also serves as an indicator
that a specific fraud risk requires further investigation.
Fraud Intelligence brings a new dimension to traditional fraud
detection tools by offering unique insights into identity event and
consumer application activity. Better intelligence can strengthen
an organization's identity fraud risk detection and investigation
strategy. According to LexisNexis Risk Solutions internal analysis,
Fraud Intelligence delivers a 30% improved fraud detection
rate for the riskiest 3% of applications compared to
legacy fraud risk scores.
The solution is currently available in three forms that target
fraudulent activity within a specific industry:
- Fraud Intelligence Bankcard Score for banks/financial
institutions, bankcard issuers, money service businesses and auto
lenders
- Fraud Intelligence Retail Score for retail card issuers
- Fraud Intelligence Telecommunications/Wireless Score for
telecommunications, wireless and utilities (including phone
providers)
"LexisNexis Fraud Intelligence provides businesses with the
information they need to better predict, detect and prevent the
main drivers of identity fraud," said Kimberly White, senior director of fraud and
identity at LexisNexis Risk Solutions. "Less fraud means lower
costs and higher profits. When companies can quickly recognize
threats and manage exceptions, they can deliver a positive,
seamless experience – exactly what consumers demand. This new
solution takes a holistic approach to fraud prevention and offers
access to shared industry fraud and identity information. Better
intelligence from a cross-vertical perspective can strengthen your
existing fraud prevention tools and investigative processes."
LexisNexis Fraud Intelligence is the first product to launch as
a direct result of the company's acquisition of ID Analytics in
February 2020.
Learn more about LexisNexis Fraud Intelligence. Register for a
webinar with Aite Group's Julie
Conroy and Kimberly White,
hosted by American Banker on December
7, 2020, detailing the innovation of LexisNexis Fraud
Intelligence.
About LexisNexis Risk Solutions
LexisNexis®
Risk Solutions harnesses the power of data and advanced analytics
to provide insights that help businesses and governmental entities
reduce risk and improve decisions to benefit people around the
globe. We provide data and technology solutions for a wide range of
industries including insurance, financial services, healthcare and
government. Headquartered in metro Atlanta, Georgia, we have offices throughout
the world and are part of RELX (LSE: REL/NYSE: RELX), a global
provider of information-based analytics and decision tools for
professional and business customers across industries. For more
information, please visit
www.risk.lexisnexis.com and www.relx.com.
Media Contact:
Marcy Theobald
678.232.0948
Marcy.Theobald@lexisnexisrisk.com
View original content to download
multimedia:http://www.prnewswire.com/news-releases/lexisnexis-risk-solutions-delivers-fraud-detection-capabilities-and-insight-into-identity-event-and-application-activity-through-new-lexisnexis-fraud-intelligence-product-301169061.html
SOURCE LexisNexis Risk Solutions