Reduce Fraud Risk at Account Opening
Get Unparalleled Identity Intelligence to Help Prevent Fraud Before It Happens
Identify fraudsters before they enter your system and the losses begin to mount.
Fraud Attacks Grow More Sophisticated
- Fraudsters are targeting a broader set of financial services and lending firms
- Fraud attempts have spiked year-over-year across all financial services and lending segments
- Financial services firms saw a 42% increase in successful monthly fraud attempts while lending firms saw an increase of 38%
- The true cost of fraud losses is $3.78 per lost dollar, up from $3.35 in 2019
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 Benefits
Layer Your Fraud Protection
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:
- Reduce losses by blocking fraudulent applications
- Simplify account opening for legitimate customers
- Improve operational efficiencies
- Reduce false positives that drain investigative resources
- Be prepared to block newly emerging fraud threats
- Decrease reputational risk
Fraud Intelligence Features
LexisNexis Fraud Intelligence analyzes hundreds of unique identity characteristics, identity application behaviors and identity events to provide real-time insight into application fraud risk. Powered by LexisNexis® Risk Solutions, the industry’s leading authority on fraud and identity management, 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 Three-Digit Risk Score – Provides an up-to-date view of identity fraud risk behavior. It predicts the likelihood an application will result in fraud if the account is opened.
- Warning Codes – Identifies the specific fraud risk requiring further investigation.
Three Industry-Specific Products
Fraud Intelligence is currently available in three different forms that target fraudulent patterns within a specific industry:
- Fraud Intelligence Bankcard Score – Banks/financial institutions, bankcard issuers, money service businesses, auto lenders
- Fraud Intelligence Retail Score – Retail card issuers
- Fraud Intelligence Telcom/Wireless Score – Telcom, wireless and utilities (including phone providers)
You can also request a custom product tailored to your organization’s specific needs.
Quickly Recognize Fraud Threats
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 Options
Available in Direct XML, IDSP and DDP, Combined Model Score 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.
1. https://risk.lexisnexis.com/insights-resources/research/true-cost-of-fraud-study-financial-services-and-lending-edition
LexisNexis® Fraud Intelligence Brochure
LexisNexis® Fraud Intelligence Infographic
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