TrueID Stops Title Fraud

LexisNexis® TrueID® Stops Title Fraud Worth $500,000

Two individuals attempted to wire out "net sale proceeds," providing multiple forms of government identification. Each piece of ID failed the in-branch LexisNexis® TrueID® All-In-One Scanner.

A Financial Institution Stops Title Fraud Worth $500,000

Contact Us

Spot Fake IDs That Pass Human Manual Review

Document Authentication Title Fraud
Over $500,000 was transferred into a new bank account from a law firm with the notation “net sale proceeds.” Over several visits to a physical branch, two individuals attempted to wire the sale proceeds to another account. They provided several forms of identification, including a permanent resident card, a copy of a local driver’s license and an international passport which appeared to be brand new.

Each piece of identification failed the LexisNexis® TrueID® All-In-One Scanner at the branch, preventing the transaction and raising concern of fraud.
“We’ve seen significant fraud reduction since the launch of these scanners in our branches. We’ve even seen fraudsters leave their fake IDs behind and hurry out the door once they realize we are going to scan their IDs with this technology.”

- Senior Director, Fraud Strategy, Retail & Small Business

Before implementing the TrueID All-In-One Scanner, the in-branch document authentication process relied on human manual review to determine the authenticity of an identification document (ID); a near-impossible task, given the high quality of fake IDs produced today.

Fraudsters seek to exploit manual review processes by presenting fake IDs that rival legitimate IDs in appearance. Many fake IDs look authentic to the human eye. Organizations can struggle to keep up with thousands of different types of IDs, each featuring a different combination of standards and security features.

As word spread that the financial institution was detecting more forms of fake ID, fewer fraudulent documents have been presented at branches with the scanners. Customer Service Representatives report greater confidence in document authentication, now that they have a stronger solution on their side.

When a TrueID All-In-One Scanner flashes green, representatives know they can be more confident with whom they are interacting.

“We identified our first fraudster literally hours after we installed the device.”

- Senior Director | Fraud Management

Access Full Case Study Here

Get Case Study

Have Sales Contact Me

LexisNexis Risk Solutions believes this case study experience generally represents the experience found with other similar customer situations. However, each customer will have its own subjective goals and requirements and will subscribe to different combinations of LexisNexis Risk Solutions’ services to suit those specific goals and requirements. This case study may not be deemed to create any warranty or representation that any other customer’s experience will be the same as the experience identified herein. This document is for informational purposes only and does not guarantee the functionality or features of any LexisNexis Risk Solutions products identified. LexisNexis Risk Solutions does not represent nor warrant that this document is complete or error free.

LexisNexis and the Knowledge Burst logo are registered trademarks of RELX Inc. TrueID is a registered trademark of LexisNexis Risk Solutions Inc. Other products or services may be trademarks or registered trademarks of their respective companies. Copyright © 2024 LexisNexis Risk Solutions.

Products You May Be Interested In