Global organizations can boost their ability to detect high-risk transactions more than tenfold through better collaboration, research shows

PR Newswire11-20

Adoption of AI tools to proliferate phishing, deepfakes and other scams is eroding consumer confidence and trust in digital services ATLANTA, Nov. 20, 2024 /PRNewswire/ -- Banks and online retailers ...

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ATLANTA, Nov. 20, 2024 /PRNewswire/ -- Banks and online retailers can significantly improve their ability to capture hard-to-detect high-risk fraudulent transactions through combining shared fraud intelligence into their risk assessments, according to the latest Global State of Fraud Report from LexisNexis Risk Solutions.It reveals how businesses can build strong digital trust and prevent fraud before it occurs through collaborative digital identity intelligence and details several examples of success, including one organization that lifted customer recognition rates to 94%. Another integrated digital identity and email intelligence to help lift fraud capture rates by a quarter (26%).\"However, every attempt to make transactions easier for consumers is also making life easier for fraud","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4526":"热门中概股","BK4563":"昨日强势股","BK4551":"寇图资本持仓","GRO":"Brazil Potash Corp.","RELX":"Relx PLC","BK4075":"烟草","BK4123":"调查和咨询服务"},"translate_title":"研究表明，通过更好的协作，全球组织可以将检测高风险交易的能力提高十倍以上","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"GRO":1,"RELX":0.9},"content_text":"Adoption of AI tools to proliferate phishing, deepfakes and other scams is eroding consumer confidence and trust in digital services\n\nATLANTA, Nov. 20, 2024 /PRNewswire/ -- Banks and online retailers can significantly improve their ability to capture hard-to-detect high-risk fraudulent transactions through combining shared fraud intelligence into their risk assessments, according to the latest Global State of Fraud Report from LexisNexis® Risk Solutions.\n\n\n\nIt reveals how businesses can build strong digital trust and prevent fraud before it occurs through collaborative digital identity intelligence and details several examples of success, including one organization that lifted customer recognition rates to 94%. Another integrated digital identity and email intelligence to help lift fraud capture rates by a quarter (26%).\nThe global report also explores the impact of criminal activity on consumer trust, compounded by the fact that fewer than 10% of mules identified by law enforcement are arrested and fewer than 1% are charged. Rapid adoption of AI-powered technology by fraudsters to automate phishing and deepfakes is helping make scams more efficient and convincing, thereby eroding consumer trust in digital services. Global fraud attacks rose by 19% year on year, according to analysis of the LexisNexis® Digital Identity Network® platform.\nA shared collaborative network enables organizations to flag suspicious activity and confirmed fraud events with other members, to help make it harder for fraudsters to operate. This can include data about the device being used, IP addresses and other digital signals, as well as the email address provided. Analyzing the potential risk associated with these signals can significantly boost organizations' effectiveness at capturing high-risk transactions. In one case a major global bank boosted its detection capability 17-fold (1700%). In another, a card issuer improved its risk assessments by a factor of 23 (2300%). In both cases, collaborative data was used.\nDespite this, just six in ten (60%) organizations have technological fraud prevention solutions in place across all transaction channels, and only one in four (27%) organizations in the EMEA and APAC regions use consortia or data exchange initiatives as part of their fraud prevention activities, according to the report.  This comes despite a majority of firms saying integrating digital experience and fraud prevention efforts (72%) and minimizing customer friction during checkout (68%) are 'critical or high' priority.\n\"Consumers' desire for faster, instant service is driving demand for change, including the creation of alternative payment solutions. In response, regulators and central banks are enabling systems, such as instant payment rails, which make transactions easier,\" said Stephen Topliss, vice president of fraud and identity, LexisNexis Risk Solutions.\n\"However, every attempt to make transactions easier for consumers is also making life easier for fraudsters. Societal demand for convenience has left financial institutions facing a difficult balancing act to deliver technological innovation and convenience, while maintaining trust and system integrity.\"  \nBroader insights are also essential in the fight against synthetic identities – fake digital profiles created for fraud. Robust intelligence can reveal telltale signs, such as synthetic identities are seven times more likely to have no first-degree relatives and 20 times more likely to appear in multiple credit applications over a short time period.\nThe report reflects that human beings continue to be a weak link in the trust chain, with an army of money mules – around 40% of whom are typically under the age of 25 – helping cybercriminals launder between 2 and 5% of global GDP each year.\nTopliss continued, \"The worst-case scenario is that consumers cease engaging digitally because they don't trust the process. Tackling this global issue requires a multi-layered approach, as there is no silver bullet anti-fraud solution.\"\nDownload the Global State of Fraud and Identity Report here (available in English only).\nMethodologyThe LexisNexis® Risk Solutions Global State of Fraud and Identity Report 2024, is an extensive survey of 2,952 risk and fraud executives in retail, ecommerce and financial services.\nAbout LexisNexis Risk SolutionsLexisNexis® Risk Solutions harnesses the power of data, sophisticated analytics platforms and technology solutions to provide insights that help businesses across multiple industries and governmental entities reduce risk and improve decisions to benefit people around the globe. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information-based analytics and decision tools for professional and business customers. For more information, please visit LexisNexis Risk Solutions and RELX.\nMedia Contact:Mike Normansell+44 7743 899 948mike.normansell@lexisnexisrisk.com \n View original content:https://www.prnewswire.com/apac/news-releases/global-organizations-can-boost-their-ability-to-detect-high-risk-transactions-more-than-tenfold-through-better-collaboration-research-shows-302308920.html\nSOURCE LexisNexis Risk Solutions","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2484016239"}