Build your optimal fraud and financial crime compliance solution
We will help you configure your chosen tools to your specific requirements and seamlessly integrate them into your existing infrastructure.
Verify and authenticate the identity of your customers
Strengthen your access controls while limiting friction for new and returning customers by layering a customisable range of integrated identity verification and authentication tools, including online document authentication and facial biometrics via our mobile identity app.
Did you know?
45% of financial crime compliance leaders see an inability to differentiate between suspicious and legitimate transactions as one of the biggest AML related risks facing their organisation today.*
* Future Financial Crime Risks 2020 report – LexisNexis® Risk Solutions
Customer Identity Assurance:
Identity Verification
Our online identity checks provide industry-leading verification coverage, delivering near instant results. We combine powerful linking technology with extensive data sourced from public records, multiple credit bureaus and information from local authorities and other public organisations.
Address Verification
Quality of data was identified as a major barrier for firms in the fight against financial crime, according to our recent study* of over 300 UK AML and CFT professionals.
Our powerful tools utilise National Fraud Initiative data from over a thousand public organisations, creating an authoritative source for address verification that can help increase match rates, strengthen the identity verification process and fill the gap for consumers with limited credit history.
* Future Financial Crime Risks 2020 report – LexisNexis® Risk Solutions
Bank Account Verification
Ensuring the name and address of the identity being checked matches those on the bank account details provided is an important step in preventing identity fraud.
Used in conjunction with payment transactions, the service also allows businesses to verify whether a bank account is open or closed.
Online Document Authentication
Enhance customer experience and accelerate onboarding by replacing paper-based ID processes and putting identity assurance into your customers’ hands.
Our solutions use up to 50 different text and image-based tests to determine authenticity of the document, including checking the ID against over 4,000 ID types from nearly 200 countries.
Facial Biometrics
Our mobile identity app provides a quick and easy way for your customers to authenticate themselves online using their identity documents, allowing you to transact with confidence.
The customer takes a selfie and completes a liveness check to verify they are a real and present person. Using facial biometrics, the software helps to confirm that the identity presented belongs to the individual claiming it.
One-Time Passwords
Carry out reliable identity assurance on new and returning customers with an automatically generated, time-sensitive passcode, made up of random numeric characters and sent via a phone number, SMS or email address already bound to the subject.
This offers increased assurance with less friction during an identity proofing process. Utilised as a component of multi-factor authentication, one-time passwords can strengthen protection against identity fraud and help your business meet its Strong Customer Authentication (SCA) requirements.
Knowledge-Based Authentication
Built with intelligent algorithms and accessing billions of consumer records, Knowledge-Based Authentication (KBA) dynamically develops personal questions with multiple answers to authenticate a user’s identity.
Dynamic KBA generates questions in near real time from public records and multiple credit bureau data, without requiring prior contact with customers. Used as part of a layered approach, this helps deliver strict security challenges, strengthening protection against identity fraud.
Distinguish between legitimate customers and cybercriminals in near real time
Walking a tightrope between customer experience and security, financial institutions require an enterprise level fraud solution which incorporates multiple touchpoints along the customer journey and effectively detects high-risk or anomalous behaviour, securing logins and protecting against account takeover.
Integrate seamless fraud protection throughout the entire customer journey
Our solutions deliver digital identity intelligence, smart behavioural analytics and clear-box machine learning to revolutionise the traditional identity challenges in financial services – intrusive step-up, siloed policies and limited visibility. We enable financial organisations to verify that customers are who they say they are, every time, by building a unique digital identity for each user.
Utilise global shared intelligence
The LexisNexis® Digital Identity Network® drives our multi-layered analytics and intelligence solution, which collects and processes global shared intelligence from more than 30 billion global transactions each year. This is complemented with a contributory global database of more than 40 million fraud-associated email addresses. We also provide data from the Metropolitan Police Service Amberhill database on false identities and identity documents – all delivered via a powerful identity assurance and fraud prevention platform.
Fraud Prevention:
Device Binding
Device binding allows users to transact with online services without being subjected to repetitive authentication processes on each return. Reliable and consistent verification of a trusted transacting device is achieved by registering the device and binding it with a user credential, such as:
Strong Device ID: Securely links an authorised user to their mobile or non-mobile device by leveraging secure keys.
Carrier ID: Uses SIM card hardware for mobile devices, linking the user’s device and user context with it.
Bot Detection
Our solutions can help detect bot attacks by comparing analysis of user behaviour gathered during periods of normal operation, with similar data gathered during an attack. This enables your organisation to differentiate between a genuine human customer and a bot, as soon as they login and attempt to transact.
Email Risk Assessment
Understanding the age of an email address and domain, associations between a name and an email address, and any suspicious activities linked to either, is key in assuring digital identity and transactions, and reducing fraud risk.
Our email risk assessment tools draw from a contributory global database of more than five billion addresses helping verify both trusted email addresses and those linked to previous instances of fraud.
Fraud Pattern Recognition
Many businesses carry out only simple identity checks on new customers in the interests of reducing delays and the potential of abandonment. Consequently, they leave themselves exposed to a higher risk of fraud.
Our powerful technology-driven analytical tools use machine learning, drawing from vast data sources to detect suspicious connections, abnormalities and risky patterns, or changes in behaviour that might indicate a higher risk of fraud for new and returning customers.
An intuitive client interface produces a fraud risk indicator in near real time, representing the level of risk the identity poses and both positive and negative reason codes behind the score.
Fraudulent Document Alerts
Drawing on the Met Police Amberhill national database of over 66,000 fraudulent or stolen identity documents, our tools vastly enhance your document authentication capability.
We can help you determine whether government-issued identity documents – including driving licences, passports and national identity cards – are fraudulent, forged or stolen in near real time. A positive hit on the Amberhill database is a strong indicator of fraud.
Digital Identity Attributes
Static identity assessment methods alone are much less effective in verifying a person’s real identity. The solution lies in understanding the digital DNA of users and their unique online footprint that knits together trusted digital identities that fraudsters cannot fake.
Our analytics solutions provide businesses with the ability to harness intelligence related to devices, locations, identities and past behaviours across a global aggregated network of over 30 billion transactions per year, to help distinguish between trusted and fraudulent behaviour, while providing a seamless and secure customer experience.
Utilise globally trusted risk information
Our extensive database of global risk information is expertly researched and continuously updated by a worldwide network of over 400 researchers and analysts. This enables businesses to address the highest levels of enhanced due diligence requirement, to effectively remediate and screen individuals, organisations, and businesses from over 240 countries, against the latest sanctions, enforcement lists, PEPs and adverse media intelligence.
Optimise your KYC due diligence with advanced screening technology
Speed up compliance checks with increased accuracy and safely automate customer and third-party screening with cutting-edge matching technology and AI techniques. Intelligently reduce false positives and minimise manual reviews, dramatically and safely reducing remediation workloads to free up resource for case managers to work on actual cases – driving compliance costs down, increasing business profits and improving operational effectiveness.
Evidence and explain your compliance with a robust audit trail, enabling your organisation to demonstrate compliance with all relevant regulatory obligations.
Global Risk Information:
Global Sanctions and Enforcements
To keep pace with the ever-changing sanctions landscape and remain compliant, organisations need to screen new and existing customers and payment transactions against multiple international sanctions lists published by a variety of issuing bodies.
Our solutions comprise aggregated and enriched information from over 100 global sanctions lists along with details of enforcements sourced from over 1,000 government websites, including the European Union, HM Treasury, US Office of Foreign Assets Control (OFAC) and the UN Security Council.
Politically Exposed Persons
Our leading database of over 1.9 million politically exposed persons (PEPs), their family members and close associates, will enable highly effective checks and efficient remediation of matches on potentially high-risk customers, powering your customer and enhanced due diligence (EDD) processes.
Adverse Media
Identifying an individual’s or organisation’s potential risk using adverse media is essential to prevent financial, reputational, and regulatory issues. Screening at customer onboarding as well as performing ongoing monitoring of all high-risk individuals and organisations helps identify changing risk by flagging accounts that may need to be reviewed more regularly due to unusual transaction activity or other factors.
Our global team of researchers monitor adverse media information compiled from reviews of over 30,000 news sources, organised into over 50 adverse media subcategories, to create profiles on people and companies linked to a wide range of illicit activity.
Registrations Data
Registrations data can help identify businesses that may pose an increased risk due to their regulatory or industry profile as well as identify businesses that are more trustworthy and compliant with key regulations. We provide a comprehensive set of registrations information on regulated companies across key categories, including:
- State-owned enterprises, which face increased corruption and bribery risk due to their connection to government and politics.
- Marijuana-registered businesses, which despite being regulated at the state level can cause challenges for nationally-chartered banks.
- Money services businesses, which are high risk for facilitating money laundering and must comply with many regulatory controls.
- FATCA tax compliant businesses data, which can indicate that international financial services firms are complying with overseas reporting requirements on U.S. nationals.
Trade Sanctions Screening
Those who are caught violating trade sanctions regimes may suffer significant consequences, including restriction of export privileges to strategic markets, monetary fines, or even criminal penalties. Our data and software can help your team to identify blocked entities in your supply chain. Not only can we pluck out the individuals and companies you need to avoid, we also provide comprehensive coverage of the countries, regions, airports and seaports that present serious risk to your business. Our multi-faceted dataset fits neatly into our automated software solutions so your team can manage trade sanctions within a single universal screening workflow.
Dual Use and Controlled Goods
One of the considerations for trade finance is whether the shipment under consideration could have alternative, sinister use. Many goods could be considered to have a dual use, that is, goods, software and technology that could have both civilian and military applications and/or can contribute to the proliferation of weapons of mass destruction.
Our unique Controlled Goods screening engine helps to detect the trade of dual-use and military goods, by enhancing the regulation lists with additional synonyms and data points to increase the chance of catching high-risk goods, however they are described.
The screening engine also recognises the complexity of differentiating dual-use goods, considering the context of their characteristics and attributes to determine whether their likely use is civil or military. The screening engine considers both the object itself and its attributes in order to determine whether it is dual-use.
Vessel Data
Shippers may attempt to evade sanctions via ship-to-ship transfers at sea or transshipment, where cargo switches ships at port. Our AIS and port data-powered solution enables your team to precisely detect actual sanctions evasion activity at sea by sending you alerts when ships visit sanctioned ports, deviate from their planned route, or disable their AIS transponder.
Our dataset covers a fleet size of 60,000 vessels, including containers bunkers, tankers and general cargo. It also includes 24 months of rolling historical data of port visits, as well as data on sanctioned vessels both explicitly named by global regulators and owned by sanctioned entities.
Due Diligence Screening:
Automated Screening
Reduce compliance costs, improve operational effectiveness and increase business profits by safely automating customer and third-party due diligence screening. Our cutting-edge technology can intelligently reduce false positives and minimise manual reviews – significantly reducing workloads to free up resource for case managers to concentrate on the cases that matter most.
Ongoing Monitoring
The global risk landscape is constantly changing, requiring organisations to have continuous and vigilant oversight on their exposure to PEPs, sanctions and adverse media information. This requires timely and accurate identification of entities that may pose financial, regulatory or reputational risk, best achieved through accessing the most up-to-date watchlist databases.
Our powerful, technology-driven solutions allow customers to be automatically monitored, at a frequency you determine. This ensures that any new adverse information is flagged for your attention at the earliest opportunity, so you can take appropriate action to protect your business.
False Positive Reduction
Our cutting-edge matching technology and machine learning intelligently reduce false positives and minimise manual reviews, enabling you to model your standard operating procedures to safely and dramatically reduce workloads, drive compliance costs down and increase operational efficiency.
Configurable Rules and Workflow
Our screening solutions can be fully customised, allowing you to tailor your screening operations to your exact requirements and risk appetite. We can tailor your alert workflows to meet your specific requirements, increasing operational efficiency and standards of compliance.
Remediation, Escalation and Communication
Increased scrutiny of regulators and pressure from internal stakeholders to demonstrate ROI have increased the need for visibility, efficiency and control of the full process of financial crime screening. We offer a central control point for your screening operations, allowing you to test new rules and configurations before go- live, track screening results and analyse trends.
Achieve robust EDD through enhanced data
Understanding PEP and third-party risk, establishing sources of wealth, unravelling complex corporate structures, identifying beneficial owners, or engaging with entities from high-risk jurisdictions requires a deep level of diligence checks.
Our enhanced due diligence tool and in-depth reports go far beyond standard searches, providing a detailed view of the risk associated with a given entity. Link consumer, business and risk data, within a single web-based investigation platform to reduce the length of time your EDD takes.
Avoid reputational damage, financial penalties and loss of revenue by making effective risk-based decisions informed by advanced risk intelligence and backed by a fully transparent audit trail.
Enhanced Due Diligence:
Deep Web Searches
Financial services professionals often rely on traditional web search engines to carry out due diligence on customers, but these only index the surface web. Crucial content is hidden from traditional search engines, tucked away in password protected sites, sitting in unindexed data repositories and even removed at the request of the subject.
Our enhanced due diligence investigation platform and in-depth EDD reports provide a unique combination of business, consumer, AML and ABC risk information, leveraged in conjunction with near real-time adverse information searches of the deep web, all through a single search.
The live searches return targeted content from the deep web, triaged and prioritised based on relevance, so you can be confident your searches will deliver greater insight into financial crime risk.
In-Depth EDD Reports
Dive deeper into high-risk entities with expertly-researched EDD reports. We provide two levels of EDD report, supporting a wide spectrum of needs:
Level 1 – Evaluation and remediation
If your in-house due diligence or screening processes detect a hit requiring the investigation of a specific issue – for example a customer name has matched to a PEP or piece of adverse information –our level one reports can be utilised to evaluate and remediate this concern.
Level 2 – Deeper investigation
Does the situation require deeper investigation? Our researchers will provide a detailed due diligence report on the entity in question.
Located around the world, our analysts draw upon relevant public and open source information, to highlight any potential risks. They speak the local languages and understand the local culture - particularly crucial when dealing with overseas entities located in jurisdictions considered high risk.
Enjoy a single, consistent and up-to-date record of your customer, when you need it, synchronised throughout the organisation, across business lines and borders.
Our technology enables you to automatically process and update your customer and entity data in a central hub, helping to ensure your records are accurate, up-to-date and compliant, while providing a first-class customer experience and better insights to empower your business.
Industry Insights:
91% of financial firms surveyed agreed a single customer view implemented across the organisation would have a positive impact on operational effectiveness and efficiency.*
* Future Financial Crime Risks 2020 report – LexisNexis® Risk Solutions
Customer Data Management:
Asset Reunification Intelligence
You may be considering how best to locate customers with whom you’ve lost contact. While this can be a significant challenge, our customer data management and tracing capabilities can help you to quickly and efficiently reconnect with customers and reunite them with lost assets.
LexisNexis Risk Solutions can not only locate those customers who have moved home, but also flag any individuals who have passed away and then help identify and trace their family members.
Mortality Screening
According to the Disclosure of Death Registration Information (DDRI), over half a million people pass away in the UK every year.
Mortality screening is the process of identifying deceased individuals within a contact database. It forms a crucial component of customer onboarding and ongoing customer data management, and is an essential tool in the prevention of fraud and the avoidance of substantial regulatory fines under GDPR and Data Protection regulations. Financial services firms are under increasing pressure to strengthen their mortality screening processes through digitalisation.
Our powerful technology can greatly reduce the manual burden of mortality screening, helping organisations to reduce fraud and regulatory risk by regularly and automatically screening for deceased customers against the latest public and commercially collated death registers.
Personal Data Change
Ensure your customer data is continually updated, refreshed, and validated with no need to manually connect siloed or disparate data sources. Our technology enables you to automatically process and update your customer and entity data in a central hub to help ensure your records are accurate, up-to-date and compliant.
Comprehensive Consumer Universe
Experience entity data all in one place, continuously refreshed and validated against your policies, with no need to manually connect disparate data sources.
Our technology enables you to automatically process and update your customer and entity data in a central hub to help ensure your records are accurate, up-to-date and compliant.
Patented Customer Linking Technology
Our patented linking technology and unique record identifier – LexID® – will allow you to gain a complete view of individual customers.
A highly accurate, up-to-date and insightful single customer view typically leads to better decision making, a first-class customer experience and better supports all of your compliance and reporting needs.
Unique Record Identifier
Delivering consistent, verifiable evidence to support regulatory compliance, our patented statistical linking technology and unique record identifier – LexID® – will allow you to gain a complete view of individual customers.
Effortlessly link customer records to policies and collate all the necessary evidence to determine the status of your customer. A fully traceable, auditable trail of decisions and reason codes (from onboarding through the full customer life cycle), is available for review at the touch of a button.
Our solutions are relied upon and trusted...
See how we can help to optimise your KYC and CDD processes across the customer lifecycle
Book a free, no-obligation consultation to find out more.
Who is LexisNexis® Risk Solutions?
LexisNexis® Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information-based analytics and decision tools for professional and business customers. For more information, please visit risk.lexisnexis.co.uk and relx.com.
