Fraud prevention

Optimize Fraud Prevention with Digital Insights

Find out how Qudos Bank outsmarted enterprising fraudsters by leveraging digital identity insights from LexisNexis® ThreatMetrix® to rapidly identify and prevent new and emerging fraud attack trends.

Prevent More Fraud While Prioritizing Trusted Customers

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Strengthen Fraud Prevention with Digital Identity Intelligence

Fraud Prevention

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.

  • Enhanced fraud detection and risk-based decisioning
  • Recognized more customers as trusted, reducing manual reviews
  • Maintained a low average reject rate, increasing efficiency of fraud operations
  • Developed a proactive fraud strategy to quickly respond to new and emerging attack patterns and trends

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:

  • Investment and Employment Scams
  • Remote Access Attacks
  • Dating and Romance Scams
  • Phone Porting

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:

  • ThreatMetrix Mobile: A lightweight software development kit (SDK) for Google Android and Apple iOS mobile devices, providing complete fraud protection for the mobile channel. This includes application integrity evaluation, advanced persistent device identification, malware detection, location services, jailbreak and root detection technologies, anomaly and device spoofing detection and dynamic configuration and updates.
  • Smart Rules: These rules help Qudos Bank to better understand genuine customer behavior, while reliably detecting genuine fraud. The ThreatMetrix solution uses behavior, age and location to examine the historical data related to a given transaction to complete a deep behavioral assessment. This helps the bank to more reliably differentiate between true fraud and legitimate behavior change, reducing the step-up frequency without increasing overall risk.
  • Trust Tags: Trust Tags act as digital labels that can be applied to various combinations of entities within a user’s persona to indicate their trustworthiness, reducing friction for legitimate users and more reliably identifying high-risk behavior. Trust Tags enable the bank to dynamically associate any combination of online attributes involved in accepting, rejecting or reviewing a transaction.

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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This document is for educational purposes only and does not guarantee the functionality or features of LexisNexis products identified. LexisNexis does not warrant this
document is complete or error-free. LexisNexis and the Knowledge Burst logo are registered trademarks of RELX Inc. Other products and services may be trademarks or registered trademarks of their respective companies. © 2020 LexisNexis Risk Solutions


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