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LexisNexis Risk Solutions released a study on the effectiveness of financial institutions (FIs) in combating authorized transfer scams. The study reveals that only 50% of FIs feel confident in their scam mitigation efforts. Additionally, 69% of FIs struggle to break a victim's belief in a scammer, and only 4% can alert customers to impersonation scams within 24 hours. Despite 81% prioritizing scam prevention, 64% face challenges with current solutions. FIs are encouraged to adopt advanced technologies and data-based insights to improve scam detection and prevention strategies, ensuring secure and efficient transactions for consumers.

On June 27, 2024, LexisNexis Risk Solutions launched Accurint AI Insights, a new AI feature in their Accurint Virtual Crime Center. This innovation leverages data from over 2,100 law enforcement agencies to identify and respond to crime trends swiftly. The AI provides automated alerts and advanced analytical tools, enabling law enforcement to make informed decisions. LexisNexis has integrated both extractive and generative AI techniques, supported by a team of over 2,000 technologists and data scientists. This enhancement aims to shift law enforcement from reactive to proactive crime-fighting by providing timely, actionable intelligence.

LexisNexis Risk Solutions released its 2024 U.S. Auto Insurance Trends Report, highlighting significant shifts in driving behaviors, insurance shopping trends, and claim dynamics. Key findings include a 24% increase in distracted driving violations among Gen Z from 2022, and a 66% rise since 2019. Claim severities are high due to parts and labor shortages, and attorney involvement. Insurers raised rates by 14% in 2023, improving the combined loss ratio to 105%, but consumer retention has dropped from 83% to 80%. EV claims are more frequent and severe compared to traditional vehicles. The report underscores the need for insurers to balance market acquisition with rate adequacy to maintain profitability.

LexisNexis Risk Solutions has launched ThreatMetrix for Insurance Quotes to help U.S. auto insurers combat increasing sophisticated bot attacks while maintaining a smooth consumer experience. Using a crowdsourced repository of 100 billion global digital transactions, this tool can differentiate between legitimate and malicious transactions in real-time. With the rise of AI and a 43% year-over-year increase in digital fraud attacks, the need for advanced detection systems is critical. The solution aims to safeguard consumer data and streamline the quoting process, accommodating the growing trend of online insurance purchases, particularly among younger consumers.

The WEPACK 2025 press conference took place on June 2 at the Tulip Inn Hotel Düsseldorf Arena, Germany. Organized by RX in partnership with WPO, the conference attracted representatives from key exhibitors and industry associations. The event highlighted the strategic importance of WEPACK 2025, which will host over 1,500 exhibitors from roughly 110 countries, and focus on innovative, sustainable, and efficient packaging trends.

Mr. Alex Wang of RX emphasized mutual cooperation in the packaging industry, while Mr. Kishan Singh of WPO discussed the long-standing collaboration between RX and WPO. The exhibition will feature a wide range of sectors, including a new label technology section and seven concurrent exhibitions. WEPACK 2025 aims to foster global trade and cooperation, with the event scheduled to take place in April 2025 at the Shanghai New International Expo Centre.

LexisNexis Risk Solutions has released its annual Cybercrime Report, revealing a 19% increase in global human-initiated digital attacks in 2023. Human-initiated attacks surged by 40% in volume, while automated bot attacks increased by 2%. The report highlights a significant rise in eCommerce attacks, particularly through account takeovers, with the attack rate at login increasing by 119% YOY. The study identifies cybercriminals operating from remote scam centers in Southeast Asia. Regulatory changes and advanced bot detection technologies are being used to combat these threats.

LexisNexis Risk Solutions has rebranded its vital records management platform from LexisNexis Database Application for Vital Events (DAVE) to VitalIQ. This change coincides with enhancements aimed at increasing efficiency and reducing the workload for vital records agencies. Since 2005, LexisNexis's VitalChek has led the industry by assisting 16 U.S. states in managing vital records, including births, deaths, marriages, and divorces. VitalIQ integrates with VitalChek.com, automating records issuance to allow staff to focus on critical tasks. The platform offers customizable modules, user access controls, and administrative tools, ensuring data security and efficient service. CEO Haywood Talcove emphasized that VitalIQ reaffirms LexisNexis's commitment to innovation and excellence in data management.

The LexisNexis Insurance Demand Meter indicates U.S. auto insurance shopping activity rose by 2.9% year-over-year in Q1 2024, down from 4.7% in the previous quarter.

New policy growth was strong, showing an 8.7% year-over-year increase. Consumers continue to switch insurers, with 42% of insured households shopping in the past year.

Consumers loyal for over 10 years now make up 24% of shoppers. Older shoppers and tax refunds contributed to higher shopping rates during Q1 2024. Insurers are recommended to enhance retention strategies to maintain profitability, especially with a potential slowdown in Q2 2024.

Fewer large rate increases may change traditional shopping behaviors, and insurers focusing on acquiring and retaining profitable business could gain market share.

LexisNexis Risk Solutions has been recognized as a Category Leader in both Transaction Screening and Adverse Media quadrants by Chartis Research in its 2024 report. The evaluation included 36 transaction screening solutions providers and 30 adverse media monitoring solutions providers. LexisNexis Risk Solutions’ Firco™ Continuity, a real-time transaction screening tool, ensures regulatory compliance and was highlighted for its comprehensive capabilities. The WorldCompliance™ Data product, which aggregates information from over 30,000 sources, was also acknowledged for its efficacy in profiling entities involved in illicit activities. These recognitions highlight the company's commitment to delivering critical data and insights to mitigate regulatory and reputational risks for its clients.