As digital transaction adoption grows, financial firms are increasingly exposed to various fraud attacks. Firms need the right tools to mitigate potential fraud losses to protect themselves from potential data breaches and other malicious attacks.
According to LexisNexis Risk Solutions’ latest Cybercrime Report, the Digital Identity Network processed 47.1 billion transactions in 2020, almost 12 billion higher than the previous year.
The fraud attack rate observed decreased on average across all digital businesses year over year, although media companies saw an increase in the overall attack rate at account opening. Despite the reduced attack rates recorded, malicious attack vectors persist as automated bot attacks offer fraudsters a cheap, quick and effective method of initial attack.
The Digital Identity Network recorded bot attacks globally and within a wide variety of industries and use cases. New account creations also continue to see high attack rates and are a key entry point for fraudsters looking to monetise credentials taken from data breaches.
The Digital Identity Network platform consists of 5.9 billion digital identifiers, 30 million confirmed fraud events shared in 2019, 82,200 average fraud events shared daily, transactions processed in over 150 countries, and analysed risk for 36.5 billion customer events in 2019.
LexisNexis Risk Solutions’ identity verification and authentication solutions help organisations mitigate fraud losses, improve end-user satisfaction and adapt quickly to emerging channels and trends.
Its solutions and decision tools combine public and industry-specific content paired with technology and analytics to assist firms in evaluating and predict risks, such as identity theft, fraud, money laundering and terrorism, and prevent financial crimes and insurance and government scams.
Cameron Church, director of market planning, fraud and identity at LexisNexis Risk Solutions, says the vendor has the tools to create a comprehensive, layered approach or to plug into organisations’ existin ..
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