Identity fraud presents a significant challenge for today’s financial services and lending firms. Identity verification and authentication solutions that worked in the past may not be a match for today’s more sophisticated identity fraud attacks. Criminals have upped their game. At the same time, new technologies make it easier for them to evade detection through current risk management processes.
A common reaction is to impose more rigorous security measures to keep fraudsters out. But too often these measures have high false positive rates – and any time you make legitimate customers jump through hoops or delay their application from being approved, you risk having them abandon the process.
Fraud Intelligence can be used in conjunction with your existing workflows and risk strategies. Your organization can defend against a wider range of attacks and achieve the following objectives by layering Fraud Intelligence into your current fraud and identity workflows:
LexisNexis Fraud Intelligence analyzes hundreds of unique identity characteristics, identity application behaviors and identity events to provide real-time insight into application fraud risk. It’s able to detect inconsistencies and recognize fraud patterns in application profiles that other fraud tools miss. It delivers the following outputs to better detect fraudulent applications:
Fraud Intelligence provides businesses with the information they need to better help predict, detect and prevent the main drivers of identity fraud. Less fraud means higher profits. And when you’re able to quickly recognize threats and manage exceptions, you can deliver a positive, seamless experience—exactly what your consumers demand.
Convenient Ordering and Delivery OptionsAvailable in Direct XML, IDSP and DDP, Fraud Intelligence can be used in conjunction with other LexisNexis Risk Solutions identity verification and authentication solutions to strengthen an organization’s fraud prevention strategy and workflow.
Get it now: For more information about LexisNexis Fraud Intelligence, please call 1-408-200-5755.
As fraudsters have evolved their attacks on enterprises, new technologies have emerged to provide more insights into the digital and physical identity of users – be the new applicants or individuals claiming to be customers. Taken as a whole, these technologies provide the insights needed to develop trust in a consumer identity.
Unfortunately, these insights are scattered across various point providers, making it challenging to bring together the full picture needed to establish identity trust. While some platforms have emerged that provide access to a range of third-party point solutions they don’t control, organization haven’t been able to produce and deliver these insights together.
The LexisNexis® Fraud Intelligence Third-Party Fraud Scores are fueled by the powerful combination of:
LexisNexis Risk Solutions has long been the leader in physical identity events through its access to billions of identity records, as well a pioneer and leader in global consumer recognition through LexID® technologies. And now, we have added a unique cross-industry view of U.S consumer application activity to enhance physical identity insights.
These unified identity solutions have the power to transform fraud and identity risk management across the lifecycle by delivering unmatched identity trust – allowing risk managers to more aggressively defend their business from fraud attacks while improving experiences for good customers.
This transformation begins at account opening – with stronger account opening fraud assessments that reduce fraud and unnecessary friction while improving the efficiency of manual reviews through our fraud scores.
The LexisNexis® Fraud Intelligence Third-Party Fraud Scores synthesize the industry’s most comprehensive coverage of identity and fraud behavior into an actionable, non-FCRA three-digit risk score and warning codes that are dynamically calculated at the time of inquiry.
Fraud Intelligence is currently available in three different forms that target fraudulent patterns within a specific industry:
1. Fraud Intelligence Bankcard Score – Banks/financial institutions, bankcard issuers, money service businesses, and auto lenders
2. Fraud Intelligence Retail Score – Retail card issuers
3. Fraud Intelligence Wireless Score – Telcom, wireless and utilities (including phone providers)
You can also request a custom product tailored to your organization’s specific needs.
Factor the Fraud Intelligence Third-Party Fraud Score into your decision-making process at account opening. It fits smoothly into your existing fraud workflows and gives you the opportunity to distinguish legitimate customers from fraudsters at the very beginning of the process before any damage has been done. It offers clear, concise insight into any irregularities that are suspicious and might suggest fraud.
LexisNexis Fraud Intelligence Third-Party Fraud Scores integrate critical identity intelligence to help businesses recognize valuable applicants faster and reinforce fraud defenses with precise visibility into the attributes that signal fraudulent identities:
Finding equilibrium between fast acquisition speed fraud prevention at account origination is tricky. A fraud score that considers dynamic behaviors and attributes can give you an edge up-front—when it matters most—in evading third-party identity fraud.
With LexisNexis® Fraud Intelligence Third-Party Fraud Scores, legitimate customers sail through the application process without hassle or delay. And investigators are then free to focus on those applications that are truly high-risk. The result is fast approvals that keep customers happy without revenue loss due to third-party identity fraud.
Discover how to increase market share without taking on more risk with LexisNexis® Fraud Intelligence Third-Party Fraud Scores.
For more information about LexisNexis Fraud Intelligence Third Party Scores, please call 1-408-200-5755.
Synthetic identity fraud is a stealthy, complicated and costly opponent. Eighty-five percent of synthetic identities were not flagged by third-party fraud models in a recent study.1 Fraudsters exploit this weakness by creating synthetic personas that closely mirror thin or no-file consumers and successfully evade detection.
Synthetic identity fraud leaves no victim to report an identity theft and no defined indicators or patterns to inform retroactive fraud defenses. How can businesses effectively target emerging and thin-file consumers while avoiding the impacts of this growing and elusive fraud threat?
Accelerate approvals and onboarding while avoiding synthetic identity fraud losses. LexisNexis® Fraud Intelligence Synthetic Score integrates critical identity intelligence to help businesses recognize valuable applicants faster and reinforce fraud defenses with precise visibility into the attributes that signal synthetic identities:
LexisNexis® Fraud Intelligence Synthetic Score is fueled by the powerful combination of:
The Fraud intelligence Synthetic Score analyzes and aggregates hundreds of unique identity characteristics and life events to uncover data interconnections, inconsistencies and fraud patterns in application profiles. The Fraud intelligence Synthetic Score uses newly patented pattern profile recognition2 to go beyond pass/fail criteria and deliver a holistic examination into known fraudulent and suspicious profiles.
Uncover synthetic identity fraud faster by leveraging our research-driven insights into the common characteristics that help distinguish synthetic identities from emerging consumers.
Balance acquisition speed with advanced fraud security with the advantage of a fraud score that evaluates dynamic behaviors and attributes to predict and prevent synthetic identity fraud at the point of application. LexisNexis® Fraud Intelligence Synthetic Score reduces friction and delays for legitimate applicants and focuses investigative resources on high-risk applications. Confidently accelerate approvals, detect fraudulent applications and avoid losses and profit erosion tied to synthetic identity fraud.
Find out how to capture greater market share without compromising speed or security with LexisNexis® Fraud Intelligence Synthetic Score.
For more information about LexisNexis Fraud Intelligence Synthetic Score, please call 1-408-200-5755.
1, 3-7. LexisNexis® Risk Solutions, Internal Research, March 2021
Fraudsters are continually refining their methods. They’re forever increasing their level of sophistication and inventing new ways to avoid detection. Lenders often unknowingly open accounts for stolen, fraudulent or manipulated identities. And once fraudsters are in your ecosystem, rooting them out isn’t easy. It’s no surprise then that the cost of fraud for U.S. financial services and lending firms is continually rising.
LexisNexis® Fraud Intelligence Attributes is a cross-industry solution that can help you manage new account and portfolio fraud risk. And it does so without creating a negative experience for legitimate customers.
Fraud Intelligence Attributes contain 300 variables that provide visibility into the application profile and the applying identity to detect multiple forms of identity fraud. It allows you to spot the potential for fraud before it occurs. Waiting until you experience a loss is too late. The damage is done. The best fraud prevention strategy is to stop fraud before it happens.