Benefits
FraudPoint® is a highly efficient scoring and identity data solution that greatly enhances your ability to prevent fraud, reduce costs and streamline decisions so that your business steers clear of fraud and stays focused on profitable customers.
Protect profits with a complete prevention strategy
FraudPoint helps you identify an applicant's risk of committing fraud and delivers an intelligent fraud
prevention strategy that:
- Increases profits by realizing faster customer acquisition.
- Reduces operating costs.
- Reduces fraudulent write-offs.
- Minimizes unnecessary delays in approvals for legitimate customers.
- Streamlines decisions to increase operational efficiencies.
- Lowers false positives.
Data-driven insight provides advantages
FraudPoint solutions utilize four major categories of information that provide real-time visibility into identity activity and identity behavior across multiple industries. LexID(SM), the advanced linking technology from LexisNexis, aggregates information from over 34 billion records and intelligently examines the data interconnections to provide clear perspective into the complex world of identity fraud. With an identity repository of more than 95% of the U.S. adult population, including entities with limited credit and financial histories, no other provider can offer the level of sophistication, coverage and fraud prediction.
Fraud risk—ranked and scored with precision
FraudPoint reveals fraud characteristics not evident in standard verification and validation processes by catching inconsistencies in applicant and account information.
With access to the most authoritative data and analytics, FraudPoint® Score is an analytic scoring solution that delivers critical, relevant insight that can substantially improve your ability to predict and prevent fraud—and recognize and approve authentic customers. An easy-to-interpret, three-digit score ranks individuals according to their calculated risk to commit fraud, making the decision process simple.
Better mitigate risk earlier in the process and let FraudPoint effectively rank order fraud up-front—saving operational costs and fraud loss expense.
Increase efficiency—increase profits
FraudPoint Score is reported with six fraud-indicative warning codes for high-risk conditions. To help pinpoint the type of fraud most likely being perpetrated against your organization, one of six innovative fraud type indices is dynamically calculated and provided. Not only will you be preventing fraud as you identify legitimate new customers, but you'll also be doing it quickly. This frees up your time to handle larger volumes of work or focus time and attention on other pressing business needs.
Comply with Federal regulations
FraudPoint can help serve as a significant component in your Red Flags Identity Theft Prevention Program.
Get it now: For more information about FraudPoint, please call 800.869.0751.
Features
Accurate risk assessment
The effectiveness of a predictive score depends on the quality of the underlying data used to produce it. FraudPoint scores are generated from a vast collection of public records and non-traditional, proprietary information. This data is then used to assess the likelihood that an individual will potentially commit fraud.
Comprehensive data sources
FraudPoint incorporates a wealth of constantly updated public records and can evaluate up to 75 million more consumers than traditional credit bureaus. Once the data is gathered from multiple sources, it goes through a sophisticated linking and analytics process that ultimately assigns a score based on fraud potential or the lack thereof. Our comprehensive suite of investigative tools allows you to quickly research and resolve fraud cases.
Convenient ordering and delivery options
Available in batch, XML and a simple user interface, FraudPoint solutions can be used in conjunction with other LexisNexis identity verification and authentication solutions to strengthen your prevention strategy and supporting programs.
Industry-specific results
An identity scoring and management solution, FraudPoint that has been tailored to the needs of financial institutions, bankcard issuers, telecommunications companies and other organizations that offer loans or lines of credit and are at risk for fraud.
Get it now: For more information about FraudPoint, please call 800.869.0751.
Optional Components
FraudPoint includes these powerful fraud prevention tools:
FraudPoint® Attributes—Set your own fraud prevention policy
FraudPoint Attributes consist of over 200 model-ready, highly predictable fraud variables comprised of insights not found in credit bureau or other identity aggregator products. A compiled score and the underlying data allow you to build or customize your own risk policy or acceptance model based on criteria you deem relevant. Key touchpoints include:
- Identity authentication
- SSN attributes
- Invalid identity attributes
- Evidence of compromised identity
- Identity change information
- Past and present address characteristics
- Address differences
- Transient person attributes
- Derogatory public records
- Higher-risk address and phone attributes
- IP Geolocation Attributes
Expanded fraud variables deliver deeper fraud detection power
FraudPoint Attributes give your business the power to harness the value of the identity intelligence that is the foundation of the FraudPoint scoring solution. FraudPoint and FraudPoint Attributes can be combined as a complete solution or an enhancement for improving the performance of existing fraud prevention programs.
FraudPoint Attributes consist of over 200 model-ready, highly predictable fraud variables comprised of insights not found in credit bureau or other identity aggregator products. With FraudPoint Attributes, you can:
- Confidently strengthen your own internal scoring algorithms.
- Build dimensional acceptance models.
- Implement fraud risk policies that drive efficiency across multiple fraud prevention processes.
- Integrate identity variables into transaction monitoring systems.
InstantID®
InstantID searches both business and consumer records to authenticate companies and individuals and identify any potential risks that are associated with them.
Comply with federal regulations
The InstantID solution was designed to help you follow the recommended policy guidelines published by the American Bankers Association—in fact, it is the only identity verification solution that has been endorsed by the ABA. It also helps you meet the new account opening requirements that are outlined in Section 326 of the USA PATRIOT Act.
Prevent identity fraud
InstantID combines verification, validation and fraud detection tools in order to instantly authenticate businesses and individuals. It searches both business and consumer records, and it returns information that verifies a person's identity and alerts you to any indicators of potential fraud.
Get it now: For more information about FraudPoint, please call 800.869.0751.
