Singapore/Hong Kong, 22 November 2022 – LexisNexis® Risk Solutions was awarded Best Solution – Anti-fraud in the 5th Regulation Asia Awards for Excellence 2022 at an in-person ceremony on 22 November 2022.
LexisNexis Risk Solutions was recognised for its fraud detection and prevention technology offered under LexisNexis® ThreatMetrix®, an enterprise solution for digital identity intelligence and digital authentication. The solution leverages a digital identity network, behavioural analysis, and threat intelligence to help firms automate authentication decisions and differentiate legitimate customers from fraudsters in near real time, while still allowing a seamless customer experience through digital channels.
“The ThreatMetrix solution gives us the ability to see the very early warning signs of a possible scam – be it a remote access software installation or a payment to a new beneficiary,” said the chief risk officer at an Australian bank using the solution. “Being able to detect changes in legitimate customer behaviour gives us the edge in the fight against social engineering.”
The ThreatMetrix Portal allows firms to configure policies, define rules and triggers, analyse transactions in detail, and understand in plain English why transactions are scored a certain way. This year, LexisNexis Risk Solutions acquired BehavioSec®, which will also bring to ThreatMetrix the ability to analyse how users interact with their devices, distinguish between bot and human interactions, identify mobile session anomalies, and introduce continuous user authentication.
“ThreatMetrix offers a dynamic, end-to-end decisioning platform, which detects fraud across customer interactions in near real time without creating extra frictions,” noted one judge on the Regulation Asia awards panel. “The solution is industry leading and has been for years. When deployed it makes a massive impact. Adding behavioural biometrics plugs a gap for financial institutions, and is particularly helpful at a time when global financial institutions and their customers are being heavily targeted by fraudsters.”
ThreatMetrix is used by over 5,000 institutions globally, including retail and commercial banks, digital wallets, payments firms and virtual banks.
About the Regulation Asia Awards for Excellence 2022
The Regulation Asia Awards for Excellence recognises financial institutions, technology companies, legal and consulting firms, exchanges and other players that help ensure the highest regulatory compliance standards are upheld in the financial industry. Each year, senior industry practitioners serve on a judging panel to help assess and score each submission to determine the winning entrants.
For a full list of the award 2022 winners, visit www.regulationasia.com/awards.
About Regulation Asia
Regulation Asia is the leading source of actionable regulatory intelligence for Asia Pacific markets. With over 12,000 subscribers, including regulatory bodies, exchanges, banks, asset managers and service providers, Regulation Asia plays a key role in shaping the regulatory agenda.