This article is the third in a series about the LexisNexis® ID Compass suite of Identity Access Management solutions.
Throughout this series of blogs, we have focused on how protecting against identity theft while also creating a frictionless customer experience must be top priorities for insurance carriers, and how an effective Identity Access Management (IAM) program can help them achieve both goals. Cyber-criminals are, however, becoming increasingly sophisticated in their attacks. Insurers must continuously update their verification systems to differentiate between fraudsters and legitimate customers.
The solution is within reach
More and more, insurers are relying on a growing number of transactions that are processed online and by phone, as the number of face-to-face customer-related interactions declines, especially during this year’s COVID-19 related quarantines. The challenge for insurers is ensuring that those accessing your system are not fraudsters – without inconveniencing your trusted customers.
LexisNexis® ThreatMetrix® helps insurers do this by connecting the dots between the numerous bits of information a person creates during online transactions, and develops and assigns a unique digital identifier for that individual. When you as an insurer can recognize your policyholders through their online behavior, you can continually identify your returning customers and better detect suspicious behavior or compromised devices before accounts are infiltrated by cybercriminals.
ThreatMetrix connects intelligence from billions of transactions collected and stitches together a user’s true digital identity by analyzing connections between devices, locations, behaviors, detected threats and critical but pseudonymized personal information. A part of the LexisNexis® ID Compass comprehensive suite of solutions that provide identity verification, identity authentication, and device assessment, ThreatMetrix combines human-device interaction with digital identity intelligence to reveal a pattern of trusted behavior and also detects potential fraud scenarios like bots testing stolen credentials, potential account takeover attempts, and high-risk online behavior.
Watch the video below to learn more about how ThreatMetrix can help you validate returning customers’ identities with a level of friction that matches the risk.
Insurers who don’t do everything they can to differentiate legitimate customers from fraudsters can put themselves at a competitive disadvantage in today’s cybercrime-ridden world. But there are solutions that can help to protect your bottom line, without alienating your policyholders.
To learn more about ThreatMetrix, and all the products in the ID Compass Platform, visit our website.