LexisNexis® Risk Solutions has launched the LexisNexis® ID Fraud Score, a new fraud prevention tool designed to meet the specific needs of companies in Brazil. The ID Fraud Score assesses fraudulent patterns against LexisNexis Risk Solutions’ best practices, market data and fraud prevention intelligence to detect anomalies in behavior during a transaction. It assesses the likelihood that a transaction will result in identity fraud based on a score of one to 1,000. The higher the score, the lower the probability of fraud.
The increase in the use of mobile devices and applications has led to the growth of fraud attempts and cyber crimes in Brazil, the largest economy in Latin America. According to data from the National Telecommunications Agency (Anatel), Brazil currently has around 260 million cellular lines . With a large number of mobile device users, companies face challenges in approving new customers without creating vetting barriers that result in lost business opportunities.
Brazil has a large number of federal and state identification methods and the addition of the ID Fraud Score provides another layer of fraud detection including association of cadastral (or registered) data, correlation between identities, validation of registration data and variation between information indexed.
The benefits of ID Fraud Score are:
- Optimization of operational costs : Increase in automatic approvals and optimization of operational costs of investigations of suspected fraud.
- Profile and Pattern Identification: Enhanced profile and pattern identification with advanced analytical techniques, a robust processing environment, and access to alternative market data.
- Plug and play: Simple to use after installation, no support or complex configuration required.
- Security and automation: Automation and standardization of fraud prevention processes, making them safer and more scalable, with rules for approval, derivation and rejection.
ID Fraud Score is the second fraud prevention product recently launched by LexisNexis Risk Solutions specifically for the Brazilian market. The solution is complementary to the LexisNexis® Identity Verification Solution launched in May 2022, which helps local businesses strengthen onboarding processes and increase pass rates by streamlining verification processes, reducing costs and mitigating risk.
“We are excited to offer another product specifically designed for the Brazilian market to help combat the complexities of navigating the fraud landscape in Latin America’s largest economy,” says Rafael Costa Abreu , Director of Fraud and Identity at LexisNexis Risk Solutions. “Now ID Fraud Score can assess patterns of fraudulent behavior and create multi-layered solutions to help protect companies across Brazil.”