New cross-industry fraud mitigation alliance formed in the U.S.

LexisNexis Risk Solutions has created a new cross-industry network to help provide organizations with resources and intel to combat fraud.

The Fraud Defense Network was launched as part of Fraud Awareness Week in the U.S., the data and analytics firm said Monday. The goal of the new network is to share intelligence among various industries, including finance, retail, telecommunications, insurance, government, law enforcement and health care.

“Perpetrators engaged in fraud, even after being convicted, are likely to strike again, often in a different industry,” LexisNexis said. “By creating an alliance that aids all industries to share information, organizations can better mitigate the risk that fraud presents daily.”

Through the network, organizations and companies can also share best practices around fraud mitigation, LexisNexis said.

In its own internal studies of customers, LexisNexis found that suspicious transactions in one industry would be highlighted in investigations in other sectors. For example, the firm said that cross-industry data could have highlighted medical providers convicted of fraud costing millions of dollars of losses.

“It is studies like these that will broaden the conversation about fraud detection and prevention so that organizations can make more informed decisions than they could make by keeping fraud conversations siloed in their own companies or industries,” the firm said.

Organizations and companies can join the network through the LexisNexis website.