Leveraging digital identity intelligence to catch fraudsters
Selling digital goods like tickets to entertainment events can be extremely lucrative, but it comes with a high risk of losses due to fraud because:
- Fraudsters can quickly buy multiple tickets with a stolen card
- Getting caught by the ticket seller is unlikely due to the speed of the transaction
- Reselling stolen tickets is much easier than tangible goods
A global entertainment company that relied only on an internal solution for fraud detection saw its losses steadily mounting as an increasing number of thieves using stolen identity credentials made online ticket purchases. Digital goods purchases like tickets provide a quick feedback loop, allowing fraudsters to test and learn fast. When the losses due to fraud tallied over $1 million, the company’s officers knew they had to take action.
Working with LexisNexis® Risk Solutions, the entertainment company leveraged the LexisNexis® ThreatMetrix® solution to accurately differentiate legitimate customers from fraudsters in near real-time. Suspicious behavior could then be detected and flagged for review, step-up authentication or rejection before a transaction was processed. Meanwhile, trusted customers experienced little or no friction.
To learn more, read our case study.
