LexisNexis® Risk Solutions - Tackling ID Theft in Ecommerce Purchases

A challenge many organizations face is difficulty in distinguishing between legitimate and fraudulent transactions: Most cases of confirmed fraud events and suspected fraud were scored in the same neutral risk band. By optimizing risk bands, the organization significantly improved fraud detection and enhanced trust decisioning. These enhancements not only strengthened fraud prevention but also reduced false negatives, allowing teams to focus on higher risk bands.

• Increased Fraud Detection:  Fraud detection in high-risk bands (RB5 & RB6) increased from 18% to 77% for confirmed fraud and from 12% to 30% for suspected fraud, leading to a 327% improvement in fraud capture.
• Enhanced Accuracy in Risk-Band Decisioning:  By optimizing risk bands, legitimate transactions were moved to lower-risk bands while fraud cases were pushed to higher-risk bands. This led to a 17% improvement in trust decisioning, facilitating better customer experiences and enabling faster decisions, when needed.
• Reducing False Negatives:  The false negative rate was reduced by 56% meaning the number of suspected cases incorrectly recommended for a frictionless experience was significantly lowered.

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