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LexisNexis® ThreatMetrix® Powers Beyond Bank’s Customer-First Strategy, Reducing Fraud and Friction
Technology Category
- Analytics & Modeling - Predictive Analytics
- Cybersecurity & Privacy - Identity & Authentication Management
- Functional Applications - Remote Monitoring & Control Systems
Applicable Industries
- Finance & Insurance
Applicable Functions
- Business Operation
- Quality Assurance
Use Cases
- Fraud Detection
- Remote Control
Services
- Cloud Planning, Design & Implementation Services
- Cybersecurity Services
- System Integration
The Challenge
Global financial institutions are heavily targeted by fraudsters and Beyond Bank is no exception. Fraudsters have access to an unprecedented amount of information and are constantly looking for ways to monetize stolen credentials. The core of Beyond Bank’s digital initiative is to deliver a customer-first strategy, and what it found was that the customers that were more vulnerable to digital fraud were least ‘technologically aware’. These vulnerable customers are often being duped via phishing attacks and mobile phone porting, leading to financial loss both for the customers and the bank. Any solution had to protect all customers, as an opt-in approach would not reach those most vulnerable. At the same time, the bank wanted to align with NPP—the industry-wide initiative for faster payments—by implementing additional levels of control and having the ability to make instant trust decisions on events. This relied on access to near real-time, dynamic intelligence; Beyond Bank needed a more holistic approach to differentiate legitimate customers from fraudsters. It was important that this approach was discreet for all customers, regardless of their level of technical skills.
About The Customer
Beyond Bank Australia is an Australian, customer-owned financial services organization, with more than $6 billion assets under management. The bank offers over 240,000 customers a wide range of services including personal and business banking, banking services for the community sector, wealth management services and insurance. Beyond Bank strives to go beyond for its customers. To create and return value, and through this, change lives. Beyond Bank has invested more than $25 million in local communities since 2007 through investments, programs and sponsorships. Beyond Bank is Australia’s first B Corp certified bank, using its business as a force for good by balancing profit and purpose.
The Solution
The best way to tackle complex, global cybercrime is using the power of a global shared network. The LexisNexis® Digital Identity Network® collects and processes global shared intelligence from millions of daily consumer interactions including logins, payments, and new account applications. Using this information, the ThreatMetrix solution creates a unique digital identity for each user by analyzing the myriad connections between devices, locations, and anonymized personal information. Behavior that deviates from this trusted digital identity can be reliably identified in near real time, alerting Beyond Bank to potential fraud. Suspicious behavior can be detected and flagged for review, step-up authentication or rejection before a transaction is processed, creating a frictionless experience for trusted users. ThreatMetrix SmartID® identifies returning users that wipe cookies, use private browsing, and change other parameters to bypass device fingerprinting. This improves returning user detection and reduces false positives. Derived from the analysis of many browsers, plug-in, and TCP/IP connection attributes, SmartID generates a confidence score that detects multiple fraudulent account registrations or log in attempts. Deep connection analysis technologies give Beyond Bank a clearer view of suspicious events. Fraudsters often attempt to hide behind location and identity cloaking services such as hidden proxies, VPNs and the TOR browser. With Proxy piercing technology, the ThreatMetrix solution examines TCP/IP packet header information to expose both the Proxy IP address and True IP address. These techniques help Beyond Bank gain detailed network level signals for more accurate decision making.
Operational Impact
Quantitative Benefit
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