Financial Crime World

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Fraud Prevention Measures Boost Security for US Minor Outlying Islands

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In a bid to strengthen banking security measures against fraud, the United States Minor Outlying Islands have implemented a unified approach to identity trust. This initiative aims to prevent and manage fraud by prioritizing customer experience while ensuring a complete view of risk and identity.

Understanding Identity

According to experts, every individual has multiple identities - physical and digital - that represent who they are. Traditional physical identities include offline data such as credit reports and ID cards, while digital identities encompass online footprints like device information and behavioral biometrics.

Unifying Physical and Digital Identities

However, the lack of cohesion in customer information across different platforms creates a vulnerability for fraudsters to exploit. To combat this, LexisNexis Risk Solutions has developed a comprehensive identity verification and authentication solution that unifies physical and digital identity data.

Benefits of Unified Identity Verification

  • Detects fraudulent patterns across channels
  • Provides a complete view of the customer, essential for detecting fraud anomalies

Industry Recognition

Industry experts have recognized LexisNexis Risk Solutions as a leader in risk-based authentication, citing its ability to create a fraud management solution that unifies identity verification, risk-based authentication, and simple transaction monitoring into a single platform.

Layered, Risk-Based Solutions

  • Harnesses the industry’s most authoritative identity verification and authentication
  • Streamlines new account application and account servicing processes
  • Reduces customer friction while optimizing authentication approach

Products and Services

Fraud Analytics

  • Real-time assessment of identity and device patterns, activities, and behaviors that may indicate fraud risk

Identity Verification and Authentication

  • Fast and reliable confirmation of individual, business, document, and device identities

Insights and Resources

We believe in the power of data and analytics to manage risk and uncover opportunity. For more information on how to prevent and manage fraud, visit our website at [website URL].