LexisNexis® Announces FraudPoint® Solutions to Reduce Identity Theft and Fraud with Advanced Scoring and Analytics
May 7, 2012 — FraudPoint solutions help financial organizations prevent fraud, reduce false positives and increase operational efficiencies
ATLANTA – LexisNexis® Risk Solutions today announced the availability of FraudPoint® solutions to help lenders and financial service firms prevent fraud by analyzing and predicting behavioral patterns of fraudsters and other suspicious identities. Organizations using FraudPoint will benefit by being able to approve more applications for services while limiting exposure to fraud using advanced scoring methodologies and the industry's largest compilation of identity information.
FraudPoint lets lenders set aggressive goals for marketing services to their clients while limiting exposure to fraud to approximately 5 to 10 percent of applications, generating fewer false positives. In a highly-regulated financial services industry where mistakes can cost customers millions of dollars, FraudPoint solutions enable lenders to analyze the applications from those who pose the greatest fraud risk. As a result, this reduces unnecessary delays in approvals for legitimate customers and allows investigators to focus their efforts on applications that are most problematic without disrupting the customer or delaying the on-boarding process.
FraudPoint Score consists of three new and unique capabilities: three-digit 300-999 Fraud Score, superior fraud segmentation via Fraud Type Indices, and specific Fraud Warning Codes. They allow institutions and fraud investigators to more accurately detect and investigate fraud. In sample validations, FraudPoint Score has been found to identify up to 75 percent of fraudulent applications in less than six percent of a financial institution's new account originations.
"In the financial world, balancing the threats of identity fraud with the pressure of providing superior support for legitimate customers has always been a significant challenge for lenders," said Jim Christiansen, vice president scoring, LexisNexis. "With our FraudPoint solutions, lenders can significantly increase their competitive advantage without negatively impacting their customer's experience."
FraudPoint solutions, which consist of LexisNexis FraudPoint® Score and FraudPoint® Attributes, use advanced LexisNexis linking technology called LexID(SM) to collect information from 400 million identities and over 150 million businesses records in milliseconds. FraudPoint solutions are available as an effective, calculated fraud risk score or as attributes for modeling within internal scoring or rules engines.
For more information about LexisNexis FraudPoint solutions, please visit http://www.lexisnexis.com/risk/solutions/fraudpoint-fraud-prevention.aspx.
About LexisNexis Risk Solutions
LexisNexis Risk Solutions (www.lexisnexis.com/risk/) is a leader in providing essential information that helps customers across all industries and government predict, assess and manage risk. Combining cutting-edge technology, unique data and advanced scoring analytics, we provide products and services that address evolving client needs in the risk sector while upholding the highest standards of security and privacy. LexisNexis Risk Solutions is part of Reed Elsevier, a leading publisher and information provider that serves customers in more than 100 countries with more than 30,000 employees worldwide.
Our financial services solutions assist organizations with preventing financial crime, achieving regulatory compliance, mitigating business risk, improving operational efficiencies and enhancing profitability.
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