It’s no secret that cybercriminals are getting more sophisticated, and insurers are challenged to find authentication solutions that don’t inconvenience their customers. By combining LexisNexis® Phone Finder with LexisNexis® One-Time Password, you can more effectively fight attempted fraud and keep your customers satisfied.

An added layer of protection

Humans are creatures of habit, so the saying goes, and their online behavior gives plenty of evidence to the argument. Although most people know that recycling passwords is risky, 50% use the same password for multiple accounts. Amazingly, 69% of people would give themselves an A or B when asked to grade their online safety protocols, and 59% believe their accounts are safer than the average person’s.

So, while most consumers know the importance of managing their online behaviors, user-created passwords can be weak and open doors for fraudsters. It’s imperative for insurance carriers to protect their businesses while not creating too much friction for customers during onboarding and renewal. The answer is to implement an authentication process that doesn’t unduly inconvenience the consumer when there is risk presented. This can be either risk due to the behavior of the person trying to access the account, for example with a new device, or risk due to the action they are attempting to perform like resetting a password. The solution is to leverage a passcode that is sent to a known device and is valid only for one login session or transaction.

LexisNexis One-Time Password empowers you to provide your customers a time sensitive, unique random passcode via SMS message, email or voice call. No hardware other than the customer’s existing phone or personal computer is required.

Verify identities through advanced analytics

Leveraging LexisNexis PhoneFinder with LexisNexis One-Time Password gives you access to one of the largest repositories of identity information in the industry, using advanced analytics and scoring technology to connect phones to identities. In addition to accurately connecting a phone to an identity, benefits of Phone Finder with One-Time Password include the following:

  • Identify suspicious transactions associated with a phone
  • Reduce unnecessary work and costs due to fraud
  • Provide secure, insurance customer authentication through a low friction process
  • Leverage built-in safeguards to avoid human error

As part of the LexisNexis® ID Compass Platform, LexisNexis® Phone Finder and One-Time Password leverages insights from billions of public records to instantly verify and validate identities, so you can proactively fight against fraud while not inconveniencing your customers. Watch the video below to learn more about how Phone Finder with One-Time Password provides quick and easy identity authentication so you can make faster business decisions and better determine risk.

To learn more about Phone Finder with One-Time Password, and all the products in the ID Compass Platform, visit our website.