Who are you?
LexisNexis® Risk Solutions provides an end-to-end platform for making digital identity intelligence and trust decisions. Our solutions recognise up to 95 percent of returning website visitors. We instantly detect high-risk transactions and dynamically score them, enabling digital businesses to safely grow online revenue and personalise the digital experience for trusted customers.
Describe your solution (I.e. that which is applicable to your award)
The LexisNexis® ThreatMetrix protects billions of unique online accounts using intelligence harnessed from around 3 billion monthly transactions.
It is built from crowdsourced intelligence from approximately 35 billion global transactions each year, including log-ins, payments and new account creations. This provides a wealth of cross-industry intelligence which is leveraged by LexID® Digital — a unique, tokenised customer identifier that revolutionises digital authentication and fraud prevention, and unites online and offline attributes in near real-time, enabling organisations to establish the true digital identity of their customers.
LexisNexis® ThreatMetrix provides unique insight into transaction patterns and emerging cybercrime threats. Transactions are analysed for legitimacy based on hundreds of attributes, including device identification, geolocation, previous history and behavioural analytics.
LexisNexis ® ThreatMetrix and its real-time policy engine provide unique insight into users’ digital identities, even as they move between applications, devices and networks. LexisNexis® Risk Solutions customers benefit from a global view of risks, making the most of global rules within bespoke policies that are customised specifically for their businesses.
Benefits of LexisNexis® ThreatMetrix in Tracking the Path of Fraudsters Across Different Industries and Global Organisations
They include:
- LexisNexis® Risk Solutions enables organisations to tag and share tokenised intelligence related to high-risk behaviour in real-time, benefitting from a shared view of risk
- A common identifier across the Digital Identity Network provided by persistent device recognition
- A unified digital identity enables fraudsters to be tracked across devices, locations and credentials
- LexisNexis® Risk Solutions customers manage their own risks, tailoring rules to their own risk appetite
- Capitalising on customer performance and feedback helps to inform better and allows for more dynamic decisions
Monitoring Events from Sanctioned Countries
Taking advantage of the power of the Digital Identity Network, LexisNexis® Risk Solutions is now enabling organisations, including private banks and wealth managers, to recognise transactions from sanctioned countries.
By combining these data points with digital identity intelligence, LexisNexis Risk Solutions is seeking to help its customers better manage compliance requirements and respond to potential threats arising from attempts to move money illicitly, while potentially masking true location. When aligned with watchlist screening capabilities, this presents a more holistic assessment of fraud and financial crime risks.
Analysing consumer behaviours and transaction patterns from sanctioned countries reveals a number of attempts to purposefully cloak true locations through the use of proxies. Transactions that originate in a sanctioned country, however, are not necessarily made by bad actors in the financial system, but may simply come from people travelling for work or leisure, or visiting families abroad. LexisNexis® Risk Solutions can help organisations layer intelligence relating to locations with other high-risk markers such as use of proxies in non-sanctioned countries. This intelligence can add further context to the wider network of associated transactions and help prevent financial crime-related activities.
Once identified, bad actors and high-risk transactions can be screened against LexisNexis® Risk Solutions global watchlists to help with an organisation’s Enhanced Due Diligence and required Risk- Based Approach.
Detecting Fraudulent or Unauthorised Merchants
One of the attributes that the Digital Identity Network collects during an online transaction is the referrer domain, which gives LexisNexis® Risk Solutions customers visibility into the web page visited by the transacting user before hitting the host web page.
In this case, the referrer domain attribute shows the payment processor which merchant site the customer is buying from, before they make a payment.
Technology in 2020
Intelligence harnessed through the LexisNexis® ThreatMetrix, coupled with the local intelligence of a private bank or wealth manager, will be shared among LexisNexis Risk Solutions customers through our Consortium product to collectively fight fraud.
The information can be operationalised by configuring rules on the data that are shared at the Consortium level, within LexisNexis® Risk Solutions policies.
Consortium creates an industry-focused and peer-based layer that allows private banks and wealth managers to exchange fraud data and trust attributes in order to more effectively protect against organised cybercrime targeting their sectors. This feature will enable clients to more effectively tackle issues such as money mules, organised crime, known fraudsters and other potential financial crime compliance risks.
Contact details
Ken Lam
Senior Director, Marketing, Asia Pacific and Japan
LexisNexis® Risk Solutions
Mobile: +852 6180 0905
Email: ken.lam@lexisnexisrisk.com
