LexisNexis, a risk solutions company, announced the release of a new fraud risk scoring tool called LexisNexis Emailage that balances user experience with detection capabilities.

“Consumers want to connect through an increasing number of channels and they expect a consistent, frictionless experience each time. However, businesses are often pulled between the tensions of deterring fraud and trying to deliver the best user experience,” said Kimberly Sutherland, vice president of fraud and identity strategy at LexisNexis Risk Solutions.

The Importance of an Email Fraud Tool

In 2019, there were over $16.9 billion in fraud losses. As our world transitions into being more electronic, the AARP study shows that these losses are increasingly from phone calls and emails. Increasing email fraud means that there is a need for enhanced email fraud protection, and this is what LexisNexis aims to provide.

LexisNexis has focused on authentication and digital identity with programs such as the LexisNexis Digital Identity Network. The most recent release of LexisNexis Emailage is especially interesting, as it uniquely uses email intelligence as a core risk identifier.

LexisNexis’s tool begins by assessing the authenticity of email addresses using metadata points such as domain and email details. Once the email address has been verified, it becomes a unique identifier that provides a wealth of information to authenticate the client’s consumer. Since they are used in virtually 100% of all online transactions, email addresses are rich with details about user history and behavior.

Additionally, according to a DMA Insight study, 91% of users have the same email addresses for more than three years and 51% have the same email addresses for more than 10 years. This means that email addresses are difficult to change and can be used reliably as a unique identifier, further showcasing why LexisNexis Emailage has the potential to become an effective and dependable solution.

“LexisNexis Emailage is a proven risk assessment tool utilizing the user’s email address at the core. Businesses receive the benefits of real-time global email risk intelligence for true consumer insights delivered via a continual feedback loop. This yields a rapidly growing force working together to outsmart fraudsters,” said Sutherland.

Future Possibilities with the Tool

Fraud will not be going away anytime soon. From 2018 to 2019, there was a 28% jump in the amount of money lost to fraud. LexisNexis Emailage aims to create a world where its clients are better protected from this increase.

And it seems to have received positive feedback from consumers. Afterall, 95% of its customers who have been surveyed would recommend Emailage. Moreover, LexisNexis’s network of 5.9 billion digital identifiers grows and improves with every additional customer, so this number is only projected to increase.

More than just fraud protection, Emailage has the potential to be a part of a comprehensive fraud and identity detection program if combined with other security technologies. From identifying and preventing online transaction fraud to increasing top-line revenue by auto-approving more legitimate consumers, this program could offer all users ease of access in combination with increased security.

ABOUT THE WRITER

Sarah Raza is a Tech Innovation Fellow with a background in computer science from Stanford. She is passionate about exploring the implications of increased usage of artificial intelligence and machine learning.