Banks Can Boost Fraud Detection by More Than Ten-fold Through Better Collaboration, Research Shows | PR Newswire [Video]

• Just one in four (27%) financial service and online retail businesses in EMEA currently employ consortia or fraud insight exchange initiatives
• Top US card issuer combined digital identity, email and physical data to boost high-risk transaction detection by a factor of 23

, /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 and Identity Report from LexisNexis^® Risk Solutions.

Examples include a US bank that boosted its ability to detect high-risk events by 17 times or 1700% through combining email address risk with broader digital identity signals, such as device intelligence and IP address. Similarly, a top US card issuer combined digital identity, email and physical data, such as postal address, to boost high-risk transaction detection by a factor of 23.

Currently, only around one in four or 27%^…