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LexisNexis Risk Solutions reveals that banks and online retailers can significantly improve fraud detection through shared intelligence networks. A US bank improved high-risk event detection by 1700% by combining email risk with digital identity signals, while a top US card issuer enhanced detection by 23x using multiple data points. Currently, only 27% of financial services and retailers in EMEA use fraud insight exchange initiatives. Metro Bank uncovered £2.5 million in fraudulent payments within six months, achieving a 105% improvement using collaborative risk insights.

LexisNexis VitalChek Network's Permit Wizard is sponsoring the 2024 U.S. Capitol Christmas Tree journey from Alaska to Washington, D.C. The eighty-foot-tall Sitka spruce from the Tongass National Forest will be delivered to the U.S. Capitol on November 22nd. Permit Wizard is providing expert permitting services for the oversized load's transportation across multiple states, ensuring compliance with state-specific regulations. The tree will feature handmade ornaments by Alaskans and will be lit in early December, following this year's theme 'Where Nature, People, and Tradition Come Together.'

LexisNexis Risk Solutions has achieved Category Leader status in both Know Your Customer (KYC) Solutions and KYC Data Solutions quadrants in the Chartis Research 2024 report, advancing from its previous Best of Breed position. The company earned a unique five-star rating for its digital ID capabilities, distinguishing itself as the only vendor to receive this recognition. This achievement reflects the company's focus on customer-centric solutions and its continued expansion through enhanced market intelligence, trade data integrations, and strategic partnerships with corporate data providers.

LexisNexis Risk Solutions released its Global Consumer Lending Confidence Report, revealing that 40% of financial institutions reported increased delinquencies in the past year. The study shows that 97% of lenders identify collecting delinquent loans as their primary challenge, while 78% cite issues with visibility into negative payment history. To address these challenges, 66% of respondents are considering expanding the use of alternative credit data. The study, conducted across nine countries with 434 financial institution employees, found that 86% of global lenders feel more confident using alternative credit data compared to traditional methods.

LexisNexis Risk Solutions released new insights on breast and colon cancer screening trends from 2021-2023. Mammogram screenings increased significantly, with a 10.3% rise among people in their 40s and a 12.5% increase for those in their 30s. Breast cancer diagnoses showed notable increases, particularly among people in their 30s (4% increase) and over 70 (5.7% increase).

Following USPSTF's updated guidelines lowering the recommended age for colon cancer screenings to 45, colonoscopies in the 45-50 age group surged by 90%. While at-home screening tests generally decreased, their utilization among people in their 40s increased significantly, with DNA-based tests up 30.5% and FIT up 19.7%.

LexisNexis Risk Solutions released its third annual True Cost of Fraud Study for SNAP Agencies and Integrated Eligibility Systems (IES). The study reveals that every $1 of fraud now costs agencies $3.93, with agencies impacted by EBT skimming and account takeovers losing an average of $4.48 per $1 lost. Key findings include:

1. Rising fraud costs, particularly through EBT skimming and account takeovers
2. Increased fraud risks due to IES expansion across Human Services programs
3. Application processing delays impacting staff and beneficiaries
4. Underutilization of fraud detection solutions at the application stage

The study emphasizes the need for agencies to adopt a proactive approach, integrating modernization efforts with early fraud detection to lower costs, reduce errors, and improve service delivery.

Nacha has announced LexisNexis® Risk Solutions as its exclusive Preferred Partner for the Official Registrar of Routing Numbers. This partnership aims to enhance the ACH Network's efficiency and reliability by providing accurate and up-to-date routing data. Michael Herd, Executive VP of ACH Network Administration at Nacha, emphasized the importance of accurate routing data for ACH payments.

LexisNexis Risk Solutions offers the Bankers Almanac® Routing Transit Number (RTN) File, which provides vital data on nearly 10,000 U.S. financial entities and over 100,000 branches. This tool is important for U.S. payments professionals, enabling efficient banking information searches and helping to reduce failed payments. The partnership aims to improve customer experience and operational efficiency in the ACH Network.

LexisNexis Risk Solutions has released its ninth annual U.S. Home Trends Report, providing insights into the home insurance industry. Key findings include:

- All Peril loss cost and frequency increased by 4.1% and 11% respectively from 2022 to 2023, and by 52% and 16.9% since 2019.

- Catastrophe claims represented 46% of all claims in 2023, the highest in seven years.

- Hail loss cost increased 57.9% since 2022, with frequency up 53.6% and severity rising 2.8%.

- States with the highest impact of hail-related perils include Colorado, Nebraska, and Wyoming.

- Loss costs for Fire and Lightning (-11.1%) and Weather-Related Water (-51.4%) declined from 2022-2023.

The report highlights the impact of severe storms and historic-level weather disasters on rising insurance premiums, emphasizing the need for insurers to understand by-peril trends and maintain extensive data to remain competitive in a volatile market.

LexisNexis Risk Solutions has launched LexisNexis® Life Smart Path, a scalable evidence-ordering solution for U.S. life insurers. This new tool aims to improve the life insurance application process by:

• Providing data and analytics insights earlier in the application and underwriting processes
• Simplifying data acquisition and solving workflow inefficiencies
• Combating application misrepresentation and fraud
• Enabling more timely decisions and complete risk assessments

The solution integrates critical datasets into insurers' workflows, allowing for quicker identity confirmation, verification of application answers, and screening for misrepresentation. It also offers advanced triage and reflexive questioning capabilities to segment mortality risk more accurately.