LONDON — Global research and analysis firm, Frost & Sullivan, has recognised LexisNexis® Risk Solutions as Category Leader in both Fraud Detection and Prevention (Know Your User) and Fraud Detection and Prevention (Know Your Customer) Frost Radar™ 2023 reports. The Frost Radar is an analytical tool that benchmarks companies’ innovation focus and growth performance through in-depth analysis built on a360-degree research methodology and objective ratings of companies in a given market.
Frost & Sullivan’s research on the Know Your Customer (KYC) component of the Fraud Detection and Prevention (FDP) industry started with more than 75 vendors, before narrowing down to the final eight (8) vendors profiled in the report.
“The LexisNexis Risk Solutions product portfolio covering both digital and physical identities using shared intelligence and insights from its LexisNexis® Digital Identity Network® make for a compelling end-to-end offering,” noted Deepali Sathe, senior industry analyst for Frost & Sullivan. “With its Dynamic Decision Platform (DDP), customers can use one API to call a variety of solutions. Starting with one product, customers can build out capabilities with additional products and workflows. It aligns with customers’ growth and has complementary capabilities based on a customers’ ability to handle part of the process themselves.”
LexisNexis Risk Solutions also ranked as leader of the final 13 vendors featured in the Frost & Sullivan FDP Know Your User (KYU) report, evaluated on a combination of factors. Sathe continued, “For LexisNexis Risk Solutions, the combination of its Digital Identity Network®, deep customer collaboration and research by its own data scientists provides a strong foundation for its short- and long-term innovation plans. A plethora of enhancements related to behavioural biometrics-based authentication, fraud intelligence and tighter integrations comprise its robust product and technology roadmap that builds on existing capabilities.
“Its focus on enhancing the customer experience and incorporating new technologies and enhancements organically or inorganically makes LexisNexis Risk Solutions a leader in both Innovation Indices,” stated Sathe.
The Dynamic Decision Platform uses digital identity intelligence, behavioural analytics, machine learning and case management for clients to continually improve decisions about risk and trust. It provides enhanced authentication, identity verification and fraud decisioning and is a core component of the Digital Identity Network repository.
Steve Elliot, managing director for LexisNexis Risk Solutions, UK & Ireland, commented, “We provide a range of risk management and fraud prevention tools designed to help regulated businesses to protect themselves, their customers and society as a whole against fraud and financial crime. We take enormous pride in our contribution to this, whilst also offering businesses technology that helps deliver low-friction, exceptional online experiences for trusted customers. It is especially pleasing therefore to have our efforts and capabilities recognised by a highly-respected industry analyst firm like Frost & Sullivan.”
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 provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. Headquartered in metro Atlanta, Georgia, 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 LexisNexis Risk Solutions and RELX.