Sophisticated fraudsters are taking advantage of common customer touchpoints such as logins, payments and password resets to create viable avenues to carry out quick and costly fraud schemes. How can you improve fraud prevention while prioritizing an excellent experience for trusted customers?
Our case study illustrated how Qudos Bank leverage digital identity intelligence and transaction insights from LexisNexis® ThreatMetrix® to eliminate opportunities for fraudsters, optimize fraud prevention workflows and strengthen fraud defenses. With ThreatMetrix solutions, Qudos was able to identify hard-to-detect fraud scams and remote access attacks and successfully prevent approximately $350,000 of high-risk and fraudulent money transfers.
The case study illustrated the main results that Qudos realized by utilizing ThreatMetrix to proactively detect and prevent evolving fraud schemes that involved customer touchpoints.
The case study details how customers are becoming the weakest link in cybersecurity and fraud prevention. It also illustrates how fraudsters and bad actors work to socially engineer victims with promises of financial gain or by implementing sophisticated ruses and phishing techniques to trick customers into divulging credentials, installing malware or transferring money. The biggest customer fraud schemes include:
The case study also provides insight on the ThreatMetrix fraud tools leveraged by Qudos Bank to help transform key fraud prevention workflows and enable the bank to quickly differentiate between trusted customers and tricky bad actors. These tools included:
In a rapidly evolving fraud threat climate, dynamic digital identity intelligence and near real-time transaction insights can keep your business in front fraud risks, strengthen fraud prevention and protect legitimate customers from unnecessary delays and friction. Explore our case study to see how LexisNexis ThreatMetrix can help your business take a proactive approach to fraud prevention.
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