SÃO PAULO – LexisNexis® Risk Solutions launched LexisNexis® ID Fraud Score, a new fraud prevention tool designed to meet the specific needs of businesses in Brazil. ID Fraud Score assesses fraudulent patterns by considering best practices, market data and LexisNexis Risk Solutions fraud prevention intelligence to detect anomalies in behavior during a transaction. It assesses the likelihood that a transaction will result in identity fraud based on a score of one to – 1,000. The higher the score, the lower the likelihood of fraud.
Increased use of mobile devices and apps has led to growth in fraud and cybercrime attempts in Brazil, Latin America’s largest economy. According to data from the National Telecommunications Agency (Anatel), Brazil currently has nearly 260 million cellular lines. With vast amounts of mobile users, companies face challenges to approve new customers without creating verification barriers that result in missed business opportunities.
Brazil has a large number of federal and state identification methods and the addition of ID Fraud Score provides another layer of fraud detection including Association of registration (or registered) data, correlation between identities, validation of registration data and variation between information registered.
The benefits of ID Fraud Score are:
ID Fraud Score is the second fraud prevention product recently launched by LexisNexis Risk Solutions specifically for the Brazilian market. The solution is complementary to LexisNexis® Identity Verification Solution launched in May 2022, which helps local businesses strengthen onboarding processes and increase approval ratings by streamlining verification processes, thus reducing costs and mitigating risks.
“We’re excited to offer another product developed specifically for the Brazilian market to help combat the complexities of navigating the fraud landscape in Latin America’s largest economy,” said Rafael Costa Abreu, director, fraud and identity, LexisNexis Risk Solutions. “ID Fraud Score can now assess fraudulent behavior patterns and create multi-layered solutions to help protect companies across Brazil.”
Learn more about LexisNexis ID Fraud Score.
About LexisNexis Risk Solutions
LexisNexis® Risk Solutions includes seven brands that span multiple industries and sectors. We harness the power of data, sophisticated analytics platforms and technology solutions to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. 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. For more information, please visit LexisNexis Risk Solutions and RELX.