LexisNexis Risk Solutions and BioCatch team to reduce fraud losses running rampant at companies worldwide
ATLANTA and TEL AVIV, ISRAEL (August 9, 2017) – LexisNexis® Risk Solutions, a part of RELX Group, and BioCatch, the behavioral biometrics industry leader, announced today that they are working together to help companies in all industries bolster efforts to stymie fraud scenarios, like application fraud, a rapidly-growing issue. According to the LexisNexis Risk Solutions card issuer fraud study, application and account takeover fraud represents 40 percent of total fraud losses.
“Application fraud is a growing threat that cannot be addressed with static means,” said Paul Bjerke, vice president, fraud and identity management, LexisNexis Risk Solutions. “In light of the vast array of data breaches over the past few years, supplementing applicant-provided data with additional dynamic data sources, like behavioral biometrics, is key to addressing application fraud and account takeover.”
As a result of this new relationship, companies will receive additional risk scores through the LexisNexis® Risk Defense Platform that expand on the data typically provided by the customer (which can be compromised) by analyzing how the user behaves (which is innate). During the application process, this solution monitors behavior and is able to discern between a real user and an impostor. This approach is achieved by recognizing normal user behavior and fraudster behavior, which includes Application Fluency, how well a user knows the site; Navigational Fluency, how well a user knows various computer functions, and Data Familiarity, how well a user knows the information they are entering.
“Behavioral Biometrics is fast emerging as a unique tool to secure digital identity while protecting the online user experience. We are thrilled to be leading the way by teaming with LexisNexis Risk Solutions and to provide a seamless, integrated solution to a marketplace that continues to be threatened by various cyber threats, that drain businesses and consumer confidence,” said Eyal Goldwerger, Chief Executive Officer of BioCatch. “By understanding ‘how’ a user enters information into an application, and not ‘what’ information is being entered, we are able to change the rules of the game and seamlessly provide a completely new level of identity assurance in an era of rampant identity theft.”
Integrating behavioral biometrics to detect criminal behavior has proven to be very successful and has already prevented major financial losses. For example, BioCatch was able to save a major Latin American e-commerce retailer more than $200,000 a month against new account fraud, with nearly $2 million saved in the last Black Friday weekend alone.
To date, BioCatch has secured over 23 patents including an additional 25 filed, and works with a number of major banks for which they monitor 4 billion transactions a month. The company was also recently awarded the prestigious 2017 Global Frost & Sullivan Award for New Product Innovation and won both Red Herring’s Top 100 awards in Europe and North America.
“Together we’re delivering a next-generation solution that does not add friction to the application process or elevate abandonment rates, enhancing fraud detection without harming the experience consumers have with companies,” said Kim Sutherland, senior director, fraud and identity management, LexisNexis Risk Solutions. “By integrating BioCatch with the LexisNexis Risk Defense Platform, our customers receive an added layer of security during account opening functions in their digital channels so that they can place more of their focus on profitability and service delivery.”
BioCatch is a cybersecurity company that delivers behavioral biometrics analyzing human-device interactions to protect users and data. Banks and other enterprises use BioCatch to significantly reduce online fraud and protect against a variety of cyber threats, without compromising the user experience. With an unparalleled patent portfolio and deployments at major banks around the world that cover tens of millions of users to date, BioCatch has established itself as the industry leader. For more information, please visit www.biocatch.com.
About LexisNexis® Risk Solutions
At LexisNexis Risk Solutions, we believe in the power of data and advanced analytics for better risk management. With over 40 years of expertise, we are the trusted data analytics provider for organizations seeking actionable insights to manage risks and improve results while upholding the highest standards for security and privacy. Headquartered in metro Atlanta, LexisNexis Risk Solutions serves customers in more than 100 countries and is part of RELX Group, a global provider of information and analytics for professional and business customers across industries. For more information, please visit www.lexisnexis.com/risk.