Reduce Fraud

Fraud is on the Rise

Fraud attempts continue to rise each year, with increasing success. Financial services and lending firms are being hit with higher volumes of theft and higher costs associated with fraud events.

Four Steps to Reduce Your Risk

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Reduce Fraud

Focus on a few key areas 

It may seem overwhelming — but by focusing on a few key areas you can strengthen your defense, protect your customers and safeguard your bottom line.

#1 Track fraud holistically. 

Fraudsters constantly probe for the weakest links. They home in on vulnerabilities unique to certain transaction channels and payment types. It’s important to track fraud in all its forms — including prevented attempts. Tracking both successful and prevented fraud enables you to measure the full scope of risk and respond accordingly.

#2 Authenticate both physical and digital attributes.

At a base level, physical identity authentication looks at a defined set of attributes. Active step-up authentication of the physical person may include a knowledge-based quiz or a one-time password.

Adding digital identity and/or behavioral biometrics introduces further insight about human-device interactions and location — details that may reveal fraud patterns. Many digital attributes can be authenticated passively for reduced customer friction

#3 Use a layered solution approach that addresses both identity authentication and transaction verification.

Financial institutions and lenders that use a multi-layered approach see lower costs of fraud and fewer false positives. Choose a mix of solutions that are capable of assessing fraud:

  • For both the identity and transaction
  • Across different channels and transaction types

This is especially critical if you’re a mid/large firm with significant remote channel transactions.

#4 Seek external providers with deep data and analytics resources.

Identity fraud can be difficult to uncover, with its various layers of masks and connections. Your ideal partner will have robust linking capabilities to fill in gaps and identify and match hidden relationships — an important piece not found in many risk solutions on the market today.

This is a must-have if you conduct international transactions, where privacy regulations create added challenges around customer data access and storage.

LexisNexis Risk Solutions can help.

Learn more about powerful identity verification, identity authentication and transaction scoring tools that help detect and prevent fraud. How can we help you?
Complete our form to have a sales expert contact you to discuss your business needs.

2019 True Cost of Fraud Study:
Financial Services and Lending

     

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