LexisNexis® Risk Solutions released its latest Global State of Fraud and Identity Report on November 19, 2024, revealing that banks and online retailers can substantially improve fraud detection through shared intelligence. A US bank boosted its ability to detect high-risk events by 17 times, or 1700%, by combining email address risk with broader digital identity signals.
Similarly, a top US card issuer increased high-risk transaction detection by a factor of 23 by integrating digital identity, email, and physical data. These improvements demonstrate the power of collaborative networks in assessing application risk that would otherwise be invisible to organizations relying solely on their own customer views.
The report also highlighted that Metro Bank, a top 10 UK bank, uncovered over £2.5 million of fraudulent payments within six months using a collaborative risk insights model. This marks a 105% improvement in fraud detection, protecting the bank from additional losses and regulatory fines.
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