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.
- The Rapid Evolution of Consumer Protection Regulation
- Talent Hunt: Finding, Attracting, Retaining Top People
- Insurers Flexing Their Distribution Models
- Technology Driving Disruption in Insurance
- Fear of ‘Next Bubble’ Challenges Life, Annuity Carriers
- Technology Allows Commercial Lines Insurers to Stand Out
- Single Sign-on Viewed as Biggest Tech Challenge for Agencies
- ISCS Observes 20th Anniversary; Scurto Predicts Major Changes Ahead
- Policyholders and Their First Impressions
- Progressive Making Progress on the UBI Front
- High and Dry: Insurers Search for Disaster Recovery Plans
- Insurers Sign The (Un)Dotted Line
- Reflections of a Retired Insurance CIO
- Mobile Device Management Just One Answer to BYOD Issue
- Lessons from GEICO and Progressive on Winning the Critical Buying Stage
- You Are a Target for a Cyber Attack
- Web-based Systems are the Next Evolution in Claims Technology
- Gaining a “Wow” Experience from Web Users
- Time to Shift from Business/IT Alignment to Business/IT Alliance
- Healthcare Insurers Changing to Consumer Model
- Organization is the Key for Selecting Software Vendors
- Analysts Expound on the Needs of the Mid-tier Insurance Market
- Finding the Cure for Obamacare’s Website
- New Software Solutions Benefit Insurers on the Inside and Outside
- Products, Market Impede Investment in Systems for Life Insurers
- Combatting Cyber Threats: Predict, Prevent, Persist
- The Future of Telematics Heads Beyond Insurance
- The Shame in Cyber Security Lapses
- Building Policy Administration Systems for the Future
- Insurers Look Into The Eyes of Their Policyholders
- It’s a New Dawn for the ITA
INSURANCE IT NEWS
The Email Chat is a regular feature of the ITA Pro magazine and website. We send a series of questions to an insurance IT leader in search of thought-provoking responses on important issues facing the insurance industry.
ITA LIVE 2019
The tide is up! It's time to register for ITA LIVE 2019, our annual educational and networking conference! Our theme is "The InsurTech Revolution: Cutting Through the Hype." and we'll be bringing in a torrent of industry thought leaders, amazing insight and wonderful perspectives on the world of insurtech and its impact on the insurance landscape.
ITA LIVE 2019 will present real-life examples of true startup technologies that are helping insurers gain real advantage -- and a competitive edge -- in the marketplace. We’ll highlight the more successful InsurTech partnerships, while offering case studies that demonstrate exciting innovation and cutting-edge techniques impacting all aspects of the insurance ecosystem.
Ride the wave to LIVE 2019. Sign up today! We look forward to seeing you in May, 2019!
BLOGS AND COLUMNS
Insurance carriers interested in meeting or exceeding their customer’s expectations regarding mobility are looking at a two-pronged approach... READ MORE
Robert Regis Hyle
Everybody has a wish list and it seems that atop the lists for insurance carriers still operating with legacy systems is the desire to do away with... READ MORE
As Guidewire Software prepares for the start of Connections, its 11th annual user conference that begins on Nov. 2, Brian Desmond, chief marketing... READ MORE
Strategy Meets Action will hold its annual Summit in Boston on Sept. 14 and the focus for this year is: Becoming the Next-Gen Insurer... READ MORE
Starting last fall when the technology company dropped Mastek from its name and became simply Majesco, its mergers and acquisitions, and hirings have... READ MORE
Digital represents a continuous form of disruption to existing or new business models, products, services or experiences enabled by data and... READ MORE
In spite of all the arm-flapping and hand-waving stirred by the Affordable Care Act (ACA), the way health insurance is purchased, and employee... READ MORE
- Vendor Views