In this Partner Spotlight, we’re focusing on LexisNexis Risk Solutions, a leading risk assessment solution provider. Krista Hanson, Solutions Consultant, Fraud & Identity for LexisNexis sat down to talk with us about how joint clients can leverage our partnership to tackle first/third party and synthetic ID fraud.
How long have you been in partnership with Zoot?
LexisNexis® Risk Solutions has been a valued partner of Zoot for 13 years.
What specific issues does LexisNexis Risk Solutions address?
LexisNexis Risk Solutions helps organizations enable robust, intuitive cybersecurity, fraud prevention and risk management through data science innovation and a revolutionary global shared intelligence model. We are the leader in consumer risk assessment for multiple different use-cases such as:
- Origination Fraud
- Account Take Over Fraud
- Chargeback Prevention
- Customer Identification Program (CIP)
- Know Your Customer (KYC)
Our solutions are used by organizations of all sizes across a variety of industries including financial services and banking, retail, eCommerce, communications, gaming, payments, lending, travel and media.
What trends are you seeing with respect to first/third party and synthetic ID fraud?
Synthetic identity fraud continues to be a concern for organizations. LexisNexis Risk Solutions has recently enhanced our latest fraud attributes to incorporate the latest insights from our data that can help organizations pinpoint this type of fraud before a new account is opened online.
The key to spotting synthetic Identities is understanding whether or not an identity has evolved naturally at the rate of a ‘typical’ consumer, or through anomalous methods and expedited timelines common of fraud schemes.
With our digital and physical identity intelligence, behavioral analytics and advanced machine learning capabilities, LexisNexis Risk Solutions has the ability to independently analyze the myriad connections between consumers and all their devices, locations, behaviors, accounts, home addresses, physical records and how these attributes have been built up over time. The analysis of these connections can accurately spot synthetic identities and optimize fraud monitoring without creating friction for the real-life customers a business wants to keep.
What other trends do you see, that Zoot clients should be thinking about?
Organizations should ensure they have a way to identify risk across all channels but especially within their digital channel. Fraudsters are constantly introducing new tactics and a single dimensional fraud and risk workflow is no longer sufficient. By leveraging LexisNexis Risk Solutions’ layered risk-based approach to fraud prevention, organizations can ensure the highest level of identity security to protect their customers and themselves.
Where does LexisNexis Risk Solutions fit into an overall fraud detection and prevention strategy for joint clients?
LexisNexis Risk Solutions is best leveraged at both the account origination stage and ongoing account management. Most of our customers leverage a multi-solution workflow to scrutinize new applicants during new account creation as well as with existing customers attempting to make a change to their account or perform a transaction that is deemed high-risk to the organization. Our solutions also help with recognizing good customers and applicants, which is key to customer retention and growth.
What is the main benefit that clients will see when they implement LexisNexis Risk Solutions?
With our unparalleled coverage, clients will see a dramatic impact to their key metrics with increases in efficiency and fraud detection. Clients will typically see an improvement in customer satisfaction and retention rates as a benefit of increased auto-decision and auto-pass rates as well as a reduction in manual review and fraud rates.
The ability to arrive at an automated decision vs. going through a multi-hour or multi-day review process, provides a dramatic impact to new account opening metrics and existing customer retention and satisfaction. Consumers simply will not spend the time to go through a cumbersome or arduous application process.
How do your solutions work?
Our solutions are available via API, Online Portal, and batch delivery methods where applicable.
What makes you unique?
Our vast assets of both public record and proprietary data sources provide greater depth and breadth of data than any other organization. A core component of our risk solutions is our patented linking technology, which is unmatched at tying disparate data sources together in a meaningful way. LexisNexis Risk Solutions offers a revolutionary new approach to fraud and identity management that assesses the risk of both physical and digital identity attributes. This combination of vast data coverage and insight along with the most comprehensive way to identify risk across both the physical and digital identity perspective is unmatched in the industry.
What problems can LexisNexis Risk Solutions solve for Zoot’s clients?
We can help solve channel recognition issues, fraud detection, risk assessment, identity verification, and authentication needs for any use-case. To expand on our solution for channel recognition issues, our solution gives our clients the ability to recognize the same consumer attempting to conduct a transaction regardless of channel (i.e. online/digital, phone, or in-person), which improves transaction efficiency and the customer experience.
Not having the ability to recognize a consumer across channels leads to customer dissatisfaction. As an example, customers don’t want to start from square one if they try to conduct a transaction on their mobile device rather than their laptop. Our solution solves this issue, further enhancing the customer experience and their satisfaction.
Who is a good fit for your solution?
Any organization needing efficient ways to verify an identity, authenticate if a consumer is who they say they are, or assess an application for fraud risk can benefit from leveraging our platform.
Anything else you’d like to share?
LexisNexis Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and government entities reduce risk and improve decisions to benefit people around the globe.
Our newly released Cybercrime Report reveals the latest fraud trends based on nearly 17 billion digital transactions worldwide, from data collected January through June 2019. The report provides global insights into emerging cybercrime threats and trends. In just six months, we saw a 13% increase in human-initiated cyberattacks, and a 10% increase in mobile attacks.
To gain more insights on the rapidly evolving threat of cybercrime, download a copy of the LexisNexis® Risk Solutions Cybercrime Report.
A big thank you to Krista Hanson, Solutions Consultant, Fraud & Identity from LexisNexis Risk Solutions for this look at ID verification and fraud detection/prevention. For more information about additional products and services from this partner, please visit https://risk.lexisnexis.com/.