LexisNexis® Risk Solutions Helps Detect and Block Use of Stolen Identity Credentials in Near Real Time
This digital currency exchange allows users to buy and sell a variety of different cryptocurrencies and has a strong global footprint with over 10 million customers and over $50 billion exchanged in digital currency. The platform services both merchants and consumers who want to transact with digital currencies such as Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
The LexisNexis Risk Solutions Professional Services team collectively has over 150 years of fraud and security experience, guiding and supporting customers to achieve fraud rates that are one-third of the industry average. Their leadership in state-of-the-art identity initiatives with internet top 500 customers helps facilitate more business online and saves hundreds of millions of dollars each year by securing accounts and payments against the most sophisticated threats.
Using intelligence from the LexisNexis Digital Identity Network, the exchange could better differentiate between good customers and criminals the moment they landed on the site. In addition, it could:
Although cryptocurrencies have revolutionized the face of payments, investments and banking, they operate in a landscape of heightened risk, bringing together several features that cybercriminals value most. Cryptocurrencies present a huge opportunity for fraudsters to launder money and finance global cybercrime, providing anonymity, security and operating outside the jurisdictions of countries, governments and banks.
This marketplace was experiencing a number of fraudulent new account creations, which could potentially be mule accounts that could be used to launder money, as well as fraudulent payments, as cybercriminals attempted to hack into good user accounts and then transfer cryptocurrency balances out.
The Power of Global Shared Intelligence to Detect High-Risk Events in Real Time
The best way to tackle complex, global cybercrime is using the power of a global shared network. The LexisNexis Digital Identity Network collects and processes global shared intelligence from millions of daily consumer interactions including logins, payments, and new account applications. Using this information, LexisNexis Risk Solutions creates a unique digital identity for each user by analyzing the myriad connections between devices, locations, and anonymized personal information. Behavior that deviates from this trusted digital identity can be accurately identified in real time, alerting the exchange to potential fraud. Suspicious behavior can be detected and flagged for review, step-up authentication or rejection before a transaction is processed, creating a frictionless experience for trusted users.Key Features of the LexisNexis Risk Solutions and Currency Exchange Partnership