Bank Blocks Fraud While Customers Get Smooth Experience


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Global bank reduces fraud without creating friction for customers

Case Study - Fraud and online gambling
LexisNexis® ThreatMetrix® blocks high velocity credentials testing

Online banking continues to evolve with many businesses and consumers starting to use money management applications. These apps track bank customers’ income and expenses across different accounts, giving them a holistic view of their finances. Banks use services like Open Financial Exchange (OFX) to feed data to these types of financial applications.

When the commercial banking division of one large, global bank began using OFX to transfer customer transaction data to money management applications, it became vulnerable to new fraud risks. The bank especially needed a solution that could help block traffic from fraudsters performing high-velocity credentials testing.

Once stolen credentials are verified, they can be sold on the dark web or be used to commit additional crimes. The challenge for the bank was to keep out fraudsters but allow in trusted, returning customers without any unnecessary friction.

Leveraging LexisNexis® ThreatMetrix® dynamic digital identity intelligence, the bank was able to obtain visibility into traffic on its financial exchange in near real-time. ThreatMetrix created a unique digital identity for each user by analyzing the myriad connections between devices, locations and anonymized personal information.

The bank could then detect behavior that deviated from that trusted digital identity, helping it to block fraudulent traffic, protect user credentials and provide a frictionless positive experience for customers utilizing financial applications.

To learn more, read our case study, “LexisNexis® Risk Solutions Helps Global Bank Immediately Reduce Fraudulent Traffic on Its Financial Exchange.”

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