Leading Credit Union Cuts Third-Party Fraud in Half
Case Study - Integrated Risk Assessment Stops More Application Fraud
Results with LexisNexis® Emailage® and LexisNexis® Fraud Intelligence.
Fraudsters were opening new accounts at a leading credit union while legitimate applications were getting flagged as fraudulent, increasing financial losses due to fraud and member attrition. To reduce risk, the credit union offered less competitive financial products, undermining revenue potential.
The credit union sought a fraud mitigation solution capable of not only spotting fraudulent applications more effectively, but also guarding multiple use cases and interaction channels along the entire member journey. An integrated digital-physical fraud risk assessment1 would enable the credit union to respond to emerging fraud trends while focusing on member experience and increasing operational efficiency.
Reduce fraudulent
applications, false
positives, manual reviews
and member frustration
68% fraudulent applications captured in the riskiest new account applications.2
Less than 3% fraud rate in lowest-risk applications.2
Improved efficiency and flexibility of member-acquisition initiatives.
Reduced false positives, manual reviews and internal resources required to implement and maintain disparate point solutions.
1 This case study focuses on the credit unionʼs success using LexisNexis Emailage and LexisNexis Fraud Intelligence. The credit union employs a robust workflow composed of multiple layers of solutions from LexisNexis® Risk Solutions for a risk-based approach to fraud mitigation.
2 LexisNexis Risk Solutions. “A Leading Credit Union Cuts Third-Party Fraud in Half with LexisNexis® Emailage® and LexisNexis® Fraud Intelligence.” April 2023