LexisNexis and Promon Join Forces to Stop Mobile App Fraud

LexisNexis Risk Solutions and Promon announced a partnership Wednesday to blend their mobile app security and fraud detection technologies. The combination brings together LexisNexis ThreatMetrix, which tracks digital identity and device behavior, with Promon Shield, an in-app protection tool, and Promon Insight, a trusted telemetry service.

The integrated system gives organizations a fuller view of mobile fraud risk by strengthening both the application layer and the signals used for fraud detection, the companies said.

LexisNexis Risk Solutions Chief Commercial Officer Grayson Clarke said Promon's app protection capabilities complement the insights delivered through the LexisNexis Risk Intelligence Network. That helps customers strengthen the signals they rely on to detect fraud across the mobile environment, he said.

Attackers are increasingly targeting the mobile app environment because mobile is now a key channel for financial transactions and customer engagement, the companies noted. A PYMNTS Intelligence report found that 68% of financial institutions increased spending on fraud-detection solutions as fraud becomes more sophisticated. The report described an industry shifting toward continuous, intelligence-led fraud prevention systems.

For banks and retailers, the combination of identity intelligence and in-app protection could close gaps that single-layer defenses leave open. The solutions are already used by some of the world's largest brands in sectors including financial services, payments, insurance, healthcare and digital banking, according to the release.

LexisNexis said in June that more than a third of retail and eCommerce firms reported significant revenue loss from fraud over the past year.