LexisNexis Launches Fraud Defense Network
Staff Writer | November 17, 2014
LexisNexis Risk Solutions announces the launch of the LexisNexis Fraud Defense Network, an alliance that seeks to link organizations across all industries with resources, information and actionable intelligence to predict, detect, and mitigate the risks that fraud presents. The announcement kicks off the company’s participation in International Fraud Awareness Week, an awareness campaign spearheaded by the Association of Certified Fraud Examiners which estimates global fraud in the trillions.
According to LexisNexis experts, perpetrators engaged in fraud, even after being convicted, are likely to strike again, often in a different industry. By creating an alliance that aids all industries to share information, organizations can better mitigate the risk that fraud presents daily.
“Professional thieves don’t have a particular bias for a given industry,” says John Lorimer, vice president, analytics and product management, LexisNexis Risk Solutions. “Instead, they tend to ‘follow the money,’ deliberately exploiting gaps in the system to perpetrate fraud and hide their tracks.”
Fraud management and prevention is traditionally entity- or industry-specific because there has not been a structured effort to share insights and solutions across industries. The Fraud Defense Network provides companies and organizations from finance, retail, telecommunications, insurance, government, law enforcement and health care with a dedicated platform to share best practices and contribute to the body of knowledge of fraud.
For example, LexisNexis internal studies commissioned with customers found suspicious transactions from the telecommunications industry that were also highlighted in non-telecom investigations. In a similar retroactive analysis, LexisNexis uncovered that cross industry data would have drawn attention to medical providers who were recently convicted of committing fraud which resulted in millions of dollars of loss.
It is studies like these that will broaden the conversation about fraud detection and prevention so that organizations can make more informed decisions than they could make by keeping fraud conversations siloed in their own companies or industries. Fraud Defense Network participants will help to create new tools and fraud resources and communicate best practices for organizations to leverage in the fight against fraud.
The Fraud Defense Network builds on LexisNexis’ core competencies of data, analytics and linking technology, its breadth of fraud prevention solutions, data-driven insights from assets like the annual True Cost of Fraud report, and its decades of experience creating and maintaining industry wide contributory databases like C.L.U.E. for P&C insurance, the Special Investigation Resource and Intelligence System (SIRIS) for the National Health Care, and the Anti-Fraud Association (NHCAA), and MIDEX for the mortgage industry.
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