LexisNexis(R) Risk Solutions announced the availability of FraudPoint(R) solutions to help lenders and financial service firms prevent fraud by analyzing and predicting behavioral patterns of fraudsters and other suspicious identities. Organizations using FraudPoint will benefit by being able to approve more applications for services while limiting exposure to fraud using advanced scoring methodologies and the industry’s largest compilation of identity information.
FraudPoint Score consists of three new and unique capabilities: three-digit 300-999 Fraud Score, superior fraud segmentation via Fraud Type Indices, and specific Fraud Warning Codes. They allow institutions and fraud investigators to more accurately detect and investigate fraud. In sample validations, FraudPoint Score has been found to identify up to 75 percent of fraudulent applications in less than six percent of a financial institution’s new account originations.