LexisNexis and Promon Help Brands Fight Rising Mobile App Fraud

Financial Institutions Increasing Spending

68%

Percentage of financial institutions that reported increased spending on fraud-detection solutions.

Retail and eCommerce Revenue Loss

1/3

Proportion of retail and eCommerce firms that experienced significant revenue loss due to fraud.

§ 01 Executive Snapshot

What: LexisNexis and Promon have formed an alliance to combat rising mobile app fraud.
Who: LexisNexis and Promon, with contributions from their respective executives Daniel Kollberg and Grayson Clarke.
Why it matters: The collaboration aims to enhance fraud detection in mobile applications, a critical channel for financial transactions and customer engagement.

The alliance integrates LexisNexis ThreatMetrix digital identity and Promon Shield in-app protection, enhancing mobile fraud detection capabilities.
68% of financial institutions have increased spending on fraud-detection solutions amidst a sophisticated fraud environment.
A report noted that more than a third of retail and eCommerce firms experienced significant revenue loss due to fraud in the past year.

The rise in mobile app fraud reflects the increasing importance of mobile channels for financial transactions and customer interactions.
The partnership aligns with a broader trend where financial institutions are adopting hybrid models of fraud prevention, incorporating AI and automation.

Immediate market consequences include heightened competition among fraud prevention solutions as firms seek to protect against mobile fraud.
Long-term operational implications may involve the establishment of continuous, intelligence-led fraud prevention systems as standard practice in financial services.

Potential regulatory challenges could arise as the partnership navigates the compliance landscape for fraud detection solutions.
Competition from other fraud prevention technologies could limit market share and effectiveness of the combined solutions.

The effectiveness of the alliance will be monitored through metrics such as reductions in fraud losses and enhanced detection rates in mobile environments.
Future developments in AI and automation within fraud detection will signal the success or failure of the partnership in adapting to evolving threats.

§ 07

What is the purpose of the alliance between LexisNexis and Promon?

The alliance aims to combat rising mobile app fraud by enhancing fraud detection capabilities in mobile applications.

Who are the key executives involved in this partnership?

The partnership involves executives Daniel Kollberg from LexisNexis and Grayson Clarke from Promon.

Why are financial institutions increasing spending on fraud-detection solutions?

68% of financial institutions have increased spending due to a sophisticated fraud environment that poses significant risks.

How will the effectiveness of the LexisNexis and Promon alliance be measured?

Effectiveness will be monitored through metrics such as reductions in fraud losses and enhanced detection rates in mobile environments.