05/07/2023
LONDON — LexisNexis Risk Solutions has been named an Overall Leader in the latest KuppingerCole Leadership Compass Report on fraud reduction intelligence platforms.
The data and analytics provider earned the highest possible rank – Market Champion – across all assessment categories: security, functionality, interoperability, deployment, usability, innovativeness, market position, financial strength and ecosystem.
KuppingerCole analysts evaluated 20 vendors for core FRIP capabilities such as identity proofing, credential intelligence, device intelligence, user behavioural analytics, behavioural/passive biometrics, and bot detection & management, to provide an independent review of fraud prevention platforms.
In the report, LexisNexis Risk Solutions was recognised as ‘addressing all the major fraud reduction technologies with a comprehensive array of solutions, as well as providing thorough capabilities for AML, KYC, mule account detection and exhaustive sanctions screening.’
John Tolbert, KuppingerCole analyst said, “their infrastructure allows for maximum scalability. With comprehensive FRIP solutions and combined, easy-to-consume packages, all organisations should have LexisNexis Risk Solutions on their shortlist when searching for fraud reduction technologies.”
The KuppingerCole Leadership Compass Report ranks vendors against key categories, including:Product leadership: based on the presence and completeness of required features including identity proofing, credential intelligence, device intelligence and behavioural analysis;
Innovation leadership: based on an evaluation of innovative features, services and/or technical approaches, and;
Market leadership: based on the number of customers, transactions and geographic distribution, among other factors.
Steve Elliot, Managing Director of LexisNexis Risk Solutions in the UK & Ireland, said, "An anti-fraud platform approach that integrates digital and identity assessment capabilities with behavioural biometrics and identity proofing allows organisations to make more reliable fraud and risk decisions and quickly adjust their strategies as fraud tactics change. Our layered approach to fraud prevention and authentication uniquely positions us to solve our clients' challenges.”
The analyst firm’s research also recognises the importance of fraud reduction intelligence platforms to be user-friendly, able to integrate effectively with existing technology, and to be agile with the company’s growth. KuppingerCole rated LexisNexis Risk Solutions as a 'strong positive' for deployment, interoperability and usability, referencing in particular the flexibility of its infrastructure that ‘allows for maximum scalability.’
Steve Elliot continues, “financial crime risk, regulations and fraud vectors shift constantly and demand operational agility for compliance teams to continuously adapt. Our orchestration platform, RiskNarrative, places business users firmly in control through no-code configuration, natural language, drag and drop services and apps, a simple user interface and easy integration.”
The KuppingerCole report highlights that the fraud landscape is shifting as banks’ fraud defenses improve, with fraudsters turning their attentions towards easier target sectors such as insurance, gaming, telecoms, healthcare, cryptocurrency exchanges, government assistance agencies, travel and hospitality and real estate.
LexisNexis® Risk Solutions provides customers with information-based analytics and decision tools that combine public and industry-specific content with advanced technology and algorithms to assist them in evaluating and predicting risk and enhancing operational efficiency. Headquartered in metro Atlanta, Georgia, the company has offices throughout the world, serves customers in more than 190 countries and territories and is part of RELX. For more information, please visit LexisNexis Risk Solutions and RELX.