LexisNexis helps retail fight fraud with new product suite
New York -- LexisNexis announced that it has a launched a suite of products designed to protect retailers from the risks associated card-not-present, or fraudulent credit card orders.
According to LexisNexis' 2010 True Cost of Fraud Study, conducted by Javelin Strategy & Research, retailers are consistently experiencing more than $100 billion in annual fraud losses.
“In today’s online retail environment, it’s imperative that businesses have the tools in place to effectively identify and mitigate identity fraud to help protect both consumers and the organization itself,” said Dennis Becker, VP LexisNexis. “To address this need, today we’re introducing a comprehensive online fraud solution which provides risk managers and analysts with the ability to isolate and process exceptions quickly and effectively through the order management process and allow them to focus their attention on fraudulent transactions, while fast-tracking valid orders through fulfillment.”
LexisNexis said its platform connects its work flow manager, LexisNexis Retail Fraud Manager powered by Kount, with its identity fraud risk score program, LexisNexis Chargeback Defender Risk Score.
Retail Fraud Manager is a configurable Software-as-a-Service (SaaS) where users can access through the Internet to control the identity fraud review process from point-of-sale through the final decision and disposition of an order. The streamlined system organizes and consolidates data to improve the efficiency of fraud risk assessment. Users will benefit from greater productivity and increased margins through lower overhead and fewer expenses incurred by manual review tasks.
Chargeback Defender Identity Score detects potential fraud using an identity-based score that verifies identification data for both the billing and shipping address. It operates in tandem with the Chargeback Defender Device Score powered by Kount, which analyzes the device being used to place online transactions, assessing such factors as IP address, Device Fingerprinting and Proxy Piercing. The two complementary approaches to identity risk scoring are combined in the new solution to isolate transactions that have the greatest probability of being fraudulent.