Online fraudsters are constantly adapting and innovating their attacks to remain effective, yet online fraud prevention continues to rely heavily on device-related intelligence.
In today’s increasingly sophisticated cybercrime landscape, should fraud prevention continue to rely on device reputation?
No! To understand why, let’s look at scams.
Scams, also known as Authorised Push Payment Fraud, often involve a victim sending money to a scammer from their own, trusted device – so relying on device reputation alone is not going to help prevent the millions of pounds lost to scams in the UK. In fact, in 2020 alone, there was over £400 million lost to APP Fraud in the UK – and this number only threatens to get bigger, as fraudsters shift and evolve attacks to better dupe their scam victims.
You need a 360° view of digital identity risk – combining physical, digital and behavioral data attributes.
Building a 360° view of digital identity risk
What’s more, all of this is underpinned by our Digital Identity Network®, built from crowdsourced intelligence of over 55 billion global transactions annually, including logins, payments, and new account creations. This provides unique insight into global digital identities, across applications, devices and networks.At LexisNexis® Risk Solutions, we build a 360° customer view with deep analysis of behavior at the customer level, analyzing hundreds of attributes and drawing upon capabilities like behavioral biometrics, email intelligence, industry consortia and phone intelligence.
This means we can consistently identify a person irrespective of changes in their devices, locations or behavior. Not only does this help enhance fraud detection, but our intelligence also helps reliably recognize the same returning user behind multiple devices, email addresses, physical addresses and account names.
So, no matter the device they use, we can reliably distinguish between the genuine and the fraudulent – all as the transaction occurs.
See how a 360° view of your customers can transform your fraud detection processes.
Download the full report here.