Customers are interacting with your business in ways they have never done before. They’re using multiple channels, different devices and becoming more varied as technology continues to evolve. Whether they are interacting in person, by phone, online or through a mobile app, they expect immediate, convenient and safe access. Identity-proofing solutions that cause inconvenience and hinder the process are frustrating – and damaging.
Unfortunately you cannot solely focus on meeting or exceeding your customers’ expectations. Fraudsters are also interacting with your business in ways they have never done before. They have stepped up their game, testing vulnerabilities of identity verification solutions, capitalising on market disruptions and causing damage to your bottom line.
Omnichannel businesses are challenged with consistently delivering excellent service to good customers while managing fraud risks across multiple channels.
Preparations are underway for the LexisNexis® Risk Solutions Trust:Live 2024 conference. Understand the technological and societal forces that are shaping how leading businesses are adapting their approach to digital identity, fraud and financial crime prevention to safeguard their customers and their brands. This 'must-attend' conference is your opportunity to stay ahead and ensure your organisation is primed for the challenges that lie ahead.
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Customers and transactions come with varied levels of risk. That makes a one-size-fits-all approach to identification and authentication impractical. You don’t want to force your low-risk, easily-identified customers to clear tedious hurdles every time they visit your site. On the other hand, if your security measures are flimsy, you’re inviting fraudsters into your ecosystem.
Identity management authentication should be based on risk assessment. Security processes must automatically adjust to the threat-level posed by the individual and the transaction.
Customers expect and feel reassurance with a certain level of friction if they are conducting a high-value transaction, such as withdrawing money. Risk-appropriate friction in the payment process makes buyers feel safe. But for simple tasks, such as checking an account balance, your trusted customers expect ease and simplicity.
With flexible, customisable identity management tools, your business can automatically personalise the level of authentication based on relevant risk signals and identity intelligence, all while minimising friction for your valued customers.
Sophisticated fraud attacks aren’t going to disappear anytime soon. They’re likely a permanent part of the evolving customer landscape. And unfortunately, as companies grow, they tend to open up more opportunity for fraudsters. Changes designed to attract more customers and increase revenue – adding payment mechanisms, launching online and mobile options, expanding globally – will create more opportunities for fraud if online ID verification is not optimised.
Faster, more efficient identity verification services are a necessity. Organisations must deploy robust security that is cost-effective and has the least negative impact on the customer experience. After all, fraud and identity management isn’t only about your bottom line. It’s about developing long-term, high-quality relationships with your customers. But no single identity verification solution can combat all types of fraud, which is why a multi-layered, risk-based fraud defence strategy offers robust protection and is the future of identity management authentication.
LexisNexis® Risk Solutions offers world-class identification and authentication solutions. Modular and adaptive, our solutions can be customised to meet your business’s specific identity management needs and workflow.
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