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LexisNexis® Risk Solutions, the global data and analytics provider, today announces its partnership with anti-fraud data management company, Synectics Solutions. The two businesses are uniting to work with the Cabinet Office and the National Fraud Initiative (NFI).
The NFI is a government-led exercise that matches data within and between public and private sector bodies to prevent and detect fraud across the UK.
The LexisNexis® IDU® platform combines cutting-edge technology with an intuitive interface and multiple data sources to enable businesses to effectively manage fraud risks by strengthening the identification process during new customer onboarding.
Since 2018, the focus of the NFI has grown from fraud detection to now include fraud prevention tools. The LexisNexis® IDU® capabilities will harness the NFI data through a secure portal provided on behalf of the NFI by Synectics Solutions. This will provide an in-depth fraud assessment of an individual’s data footprint at the point of application, to protect genuine customer applications and highlight potential fraud risks around an identity.
LexisNexis® Risk Solutions brings a wealth of experience in financial crime investigations in both the public and private sector. The NFI data footprint will be combined with LexisNexis Risk Solutions’ own expansive datasets to help detect and prevent even more fraud and illicit activity.
Karolina Iwaszko, Director, Product Management at LexisNexis® Risk Solutions comments:
“The prevalence of fraud in modern society and the size of the risk it represents to all of us cannot be overstated. UK Finance estimates that criminals successfully stole over £1.2 billion through fraud and scams in 2019, despite the £1.8 billion that the financial industry managed to prevent.
“This is a continually evolving threat, with fraudsters finding new and creative ways of illicitly accessing people’s data and finances. The risk goes beyond the direct monetary loss as the growth in fraudulent activity hinders the delivery of a frictionless experience for legitimate consumers.
“By collaborating with the National Fraud Initiative and Synectics Solutions, we hope to support society in two ways – the first, by protecting honest and genuine consumers, and the second by stopping the minority who wish to defraud. This partnership with the National Fraud Initiative is a good example of how combining government and other data sources will maximise our resources in the fight against fraud and help create a better, safer society for everyone.”
Mark Sanders, Head of Public Sector at Synectics Solutions comments:
“Cultivating a greater understanding of how fraudsters work is clearly a big priority for the government this year, and our partnership with LexisNexis® Risk Solutions will prove invaluable in bringing unique insights into fraud trends, allowing us to be more efficient when it comes to highlighting fraud risks. Where public services are involved, we have to ensure all of our processes are optimised, and that no stone is left unturned when it comes to helping our clients fight fraud.”
(Press Release was issued on 23rd June 2020)