ATLANTA – LexisNexis® Risk Solutions today released the results of its 2015 LexisNexis® Fraud Mitigation Study, indicating that 84 percent of fraud mitigation professionals interviewed see fraud that crosses multiple industries in their investigations. The study revealed that multi-industry fraud has a moderate to high financial impact on the organizations involved. A strong majority of respondents also indicated that they see value in accessing data and information about cases from other organizations within and outside their industry to aid their fraud mitigation efforts.
“It is not a surprise that cross industry fraud was confirmed as a problem, but the fact that data is not yet better shared across industries reveals an exposure for organizations that are combatting millions in fraudulent activities each year by individuals and organized crime rings,” said Bill Madison, CEO, Insurance, LexisNexis Risk Solutions. “Status quo fraud mitigation is not enough for fraud schemes that are becoming increasingly sophisticated. Sharing more data will enable organizations to be armed with more effective tools in the fraud battle.”
Other key findings include:
“Having data analytics programs at the organizational level is very beneficial, but our vision with the Fraud Defense Network is to begin to share data insights across industries to benefit all fraud mitigation professionals and better attack the fraud problem,” Madison said.
The LexisNexis® Fraud Defense Network commissioned the national study to gain insights about how frequently fraud mitigation professionals encounter fraud cases from other companies and industries, and to understand how these professionals are using data analytics solutions for fraud detection. The study included 400 respondents from financial services, insurance, health care, retail and government organizations.
About LexisNexis Risk Solutions
At LexisNexis Risk Solutions, we believe in the power of data and advanced analytics for better risk management. With over 40 years of expertise, we are the trusted data analytics provider for organizations seeking actionable insights to manage risks and improve results while upholding the highest standards for security and privacy. Headquartered in metro Atlanta USA, LexisNexis Risk Solutions serves customers in more than 100 countries and is part of RELX Group, a global provider of information and analytics for professional and business customers across industries. For more information, please visit www.risk.lexisnexis.com.