LexisNexis® Risk Solutions Helps Global Bank Immediately Reduce Fraudulent Traffic on its Financial Exchange

• 分析与建模 - 预测分析
• 网络安全和隐私 - 身份认证管理

• 金融与保险

• 商业运营

• 欺诈识别

• 系统集成

Many businesses and consumers track their income and expenses using money management applications to help give them a comprehensive view of their finances by creating budgets, tracking and paying bills, and categorizing transactions all in one place. Customers link money management applications to their bank and credit card accounts by passing their user information through the applications. Transaction data is then transferred from the banks over the Internet via a financial exchange to the applications. Many banks use Open Financial Exchange (OFX), which is an open standard API, to provide data to financial applications such as those used for banking, stock portfolios, budgeting, and money management.\n\nWhen servers began crashing at this global bank, it became apparent that its financial exchange was vulnerable to fraudsters who were performing high-velocity credentials testing. Once stolen credentials are verified, fraudsters often use them to perform additional crimes or sell them on the dark web. This global bank needed a fraud solution that could provide insight into activities occurring on its financial exchange and block fraudulent traffic without causing friction for legitimate customers.

The customer in this case study is a global bank with a commercial banking division that uses a financial exchange to transfer customer transaction data to money management applications. This bank serves a wide range of customers who rely on money management applications to track their income and expenses, create budgets, pay bills, and categorize transactions. The bank needed to ensure that the financial exchange used for these transactions did not present new opportunities for fraudsters. The bank's primary goal was to accurately detect and prevent fraudulent traffic on its financial exchange while ensuring a seamless transfer of data to money management applications and reducing friction for legitimate customers. The bank faced challenges with high-velocity credentials testing by fraudsters, which led to server crashes and potential misuse of stolen credentials.

The global bank leveraged LexisNexis ThreatMetrix dynamic digital identity intelligence to gain visibility into traffic on its financial exchange in near real-time. This solution helped the bank block fraudulent traffic, protect user credentials, and provide a frictionless customer experience for those utilizing financial applications. The LexisNexis Digital Identity Network collects and processes global shared intelligence from millions of daily consumer interactions, including logins, payments, and new account applications. By analyzing the myriad connections between devices, locations, and anonymized personal information, the bank was able to create a unique digital identity for each user. Behavior that deviates from this trusted digital identity could be accurately identified in near real-time, alerting the bank to potential fraud.\n\nLexisNexis Risk Solutions detected bot attacks using context-based information to perform behavioral analysis of users during periods of normal operation and compared such data to that gathered during an attack. This enabled the bank to differentiate between a human and a bot the moment they login or transact. Deep connection analysis technologies detected the use of hidden proxies and VPNs, allowing the bank to see the true IP address, geolocation, and other attributes of each event. Smart ID identified returning users who wiped cookies, used private browsing, and changed other parameters to bypass device fingerprinting. This improved returning user detection, reduced false positives, and helped identify fraudsters using the same device to make multiple payments.

• The bank was able to accurately block fraudsters from testing stolen identities on its financial exchange, ensuring that fraudulent traffic was minimized.
• The solution provided clearer visibility into customer traffic on the financial exchange, allowing the bank to monitor and analyze user behavior effectively.
• The customer experience for trusted, returning users was significantly improved, as the solution reduced friction and false positives, ensuring a seamless interaction with the financial applications.

• Blocked 1.3 million fraudulent transactions from the financial exchange.
• Accurately authenticated over 500,000 trusted users, facilitating a frictionless customer experience.
• Protected 90,000 credentials from bot attacks.