The integration of digital technology into all areas is fundamentally changing how businesses operate and deliver value to their customers. COVID-19 pressed the fast-forward button on digital transformation. Many organizations experienced a tremendous surge in new customers online as well as an increase in fraud attempts. While customers like the safety and convenience of online transactions, fraudsters appreciate the anonymity of faceless transactions.
Businesses are struggling to keep up with the increased volume and increased fraud attempts. Consider these statistics1:
The easy answer for improving online fraud detection and prevention is to add more security measures. But that brings its own issues. Customers have high expectations. They know what a great digital experience looks like, and they expect it from every business they patronize. Anything that slows them down or complicates a transaction weakens their desire to do business with your company.
Many organizations are still mitigating risk the same way they have before the pandemic. They’re using manual, physical identification methods. As alert volumes rise, adding more labor resources to tackle compliance and fraud challenges is not a sustainable strategy. Organizations should consider leveraging data and technology solutions to improve efficiency of their due diligence and investigation processes.
LexisNexis® Automated Risk Assessment is an immediately deployable, codeless solution that automates manual due diligence and investigation processes using pre-configured workflows. It can reduce manual review times and overall compliance spend for:
LexisNexis Automated Risk Assessment is customizable and able to be tailored to your organization’s unique requirements and workflow. In addition to automated processing, it provides a simple pass/fail status for transactions based on the automation index configuration. It appends a full report output along with recommended next-step actions.
Automated Risk Assessment supports an organization’s most critical fraud and financial crime compliance use cases:
Use Automated Risk Assessment along with human analysts or robotics process automation (bots). Although bots automate repetitive search and report portions of their manual review process, they still require a human analyst to handle the risk assessment and decisioning steps. Automated Risk Assessment, however, enhances bot efficiency by automating these processes with a custom workflow and automation index designed to emulate a human analyst performing verification and risk assessment tasks.
Automated Risk Assessment improves overall quality, efficiency and consistency. And when used with bots, it provides a fully automated, end-to-end workflow for many repetitive online investigations and due diligence activities.
Get it now: For more information about LexisNexis Automated Risk Assessment, please call 1-408-200-5755.