LexisNexis® Risk Solutions - Detailed Customer Success Story: App Scams

A bank faced difficulties detecting real-time APP scams, reducing false positives, and intercepting high-risk loan fraud before losses occurred. They implemented the Active Phone Call Detection feature within LexisNexis® ThreatMetrix®. As a result of implementing the Active Phone Call Detection feature, our customer achieved impactful outcomes that significantly enhanced their fraud prevention efforts.

Outcomes:

• Significant Fraud Reduction: Achieved a 40% reduction in fraud for loan applications involving incoming calls.
• Financial Savings: The customer prevented approximately $459,000 in fraud-related losses within a 30-day period, showcasing the effectiveness of the enhanced detection capabilities.
• Improved Risk Assessment and Customer Protection: The upgraded solution enable more accurate detection of high-risk phone call-initiated APP scams, allowing the bank to proactively block fraudulent transactions while minimizing impact on legitimate users.

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