LexisNexis Risk Solutions Unveils LexisNexis ID Fraud Score, A New Generation of Fraud Prevention in Brazil

11/10/2022

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:

• Optimization of operational costs: Increase in automatic approvals and optimization of operational costs of investigations of suspected fraud.
• Profile and Pattern Identification: Improved identification of profiles and patterns with advanced analytical techniques, a robust processing environment and access to alternative market data.
• Plug and play: Simple to use after installation, no need for support or complex configurations.
• Security and automation: Automation and standardization of fraud prevention processes, making them more secure and scalable, with rules of approval, derivation and rejection.
• Model customization: Customization of analytical models appropriate for your business (portfolio, region, relationship channels, level of exposure and risk acceptance, etc.).

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 provides customers with information-based analytics and decision tools that combine public and industry-specific content with advanced technology and algorithms to assist them in evaluating and predicting risk and enhancing operational efficiency. Headquartered in metro Atlanta, Georgia, the company has offices throughout the world, serves customers in more than 190 countries and territories and is part of RELX. For more information, please visit LexisNexis Risk Solutions and RELX.