Cybercrimes are constantly evolving and becoming more sophisticated in today’s digital landscape. Customers of financial institutions are often targeted by fraudsters using different methods and scams, such as investment and employment scams, remote access attacks and phone porting. Companies are struggling to verify customer identities and improve their digital offerings without adding unnecessary friction to their customers.
In the digital marketplace, a single flaw spotted by cybercriminals could cost businesses millions in revenue and business reputation.
Thanh Tai Vo, director of market planning, fraud and identity for Asia Pacific at LexisNexis Risk Solutions, says the convergence of compliance and fraud processes has also created additional complexities that companies are confronted. Businesses are realizing the importance of implementing a holistic approach to financial crime and fraud compliance.
Meanwhile, customers are increasingly focusing on the privacy and cybersecurity measures of the companies they interact with and may stop doing business with those who have poor cybersecurity practices.
“As companies consider adding more security measures to ward off malicious actors, they are also aware of adding friction to the customer experience and may risk losing legitimate customers and transactions. Therefore, companies are prioritizing their digital customer experience strategies to increase customer trust in order to retain and acquire new customers,” says Vo.
In April 2022, LexisNexis Risk Solutions acquired BehavioSec, a company providing advanced behavioral biometrics technology. BehavioSec has the ability to convert complex mobile signals from touchscreens and sensors into rules and advanced authentication capabilities based on mobile behavioral biometrics.
By integrating BehavioSec capabilities into LexisNexis ThreatMetrix, the enterprise solution for digital identity intelligence and authentication, customers will benefit from continuous authentication, advanced machine learning capabilities and additional behavioral data for enhanced authentication processes.
ThreatMetrix enables enterprises to detect and block complex cyber risks in near real-time while minimizing friction for trusted customers at every touchpoint of the customer journey.
Vo says the new cyber risk prevention tool will allow large organizations to access behavioral biometrics solutions when combined with ThreatMetrix, while serving small and medium-sized businesses looking for standalone behavioral biometrics offerings .
“Our behavioral biometrics solution analyzes how users interact with their devices to distinguish between bots and human interactions, and to identify suspicious on-screen and off-screen behavior on the device,” he says. .
The solution helps distinguish between human and bot account activity, identify quality customer profiles, reliably profile fraudsters, detect session anomalies, and build customer trust of faithful trust.
Organizations can also overlay LexisNexis Behavioral Biometrics onto the ThreatMetrix solution. Behavioral biometrics, which LexisNexis has added to its fraud and identity solutions portfolio, provides insight into the patterns and preferences behind trust relationships to enable a system to recognize digital behavioral anomalies that quickly flag a cyber risk. It provides an additional layer of defense to risk assessment and can detect and block automated attacks and suspicious transactions.
ThreatMetrix can also be combined with LexID Digital and the Digital Identity Network to provide multi-layered identity and transaction analytics that are completely invisible to end users.
LexID Digital is a dynamically matched tokenized customer ID that supports risk-based digital authentication by unifying online and offline identity attributes in near real-time to provide a comprehensive view of customer identity risk.
On the other hand, Digital Identity Network uses analytics technology and machine learning to aggregate symbolic information related to high-risk behaviors, including logins, payments, and new account creations from online transactions. scale from a wide range of industries.
According to Vo, the combined solution provides a 360-degree view of risk profiles at all times, helping customers quickly answer critical questions throughout the customer lifecycle.
In the past year, LexisNexis Risk Solutions also acquired TruNarrative, which provides a cloud-based orchestration platform that detects and prevents financial crime and fraud. It was renamed LexisNexis RiskNarrative.
By leveraging automation, artificial intelligence, and machine learning, the RiskNarrative platform can simplify customer onboarding, monitor transactions, and reduce risk and financial crime.
“The RiskNarrative platform can automate B2B and B2C decisions by bringing all financial crime lifecycle controls and management together in one unified digital solution, enabling a fast and frictionless onboarding experience,” says Vo.
The platform eliminates the complexity, difficulty, and cost of multiple decision points by managing decisions and scoring data in a single stream instead of a myriad of technology silos.
Identity, fraud and compliance information can be shared to make decisions with the most relevant and important information in full view. RiskNarrative applies to a range of industries, including banking, fintech, regtech, casinos, payment companies, and retail businesses.
In November 2020, LexisNexis Risk Solutions launched LexisNexis Emailage, a fraud prevention solution that assesses fraud risk using email address metadata points such as domain details, email details -mail and risk indicators. By using Emailage, businesses can leverage advanced analytics, machine learning, artificial intelligence, and real transaction results to get a clearer picture of consumer risk with an email risk score.