LexisNexis Risk Solutions conducted its 2015 Fraud Mitigation Study to examine some of the trends around fraud, fraud detection and fraud analytics, particularly related to the propensity for criminals to perpetrate fraud within multiple industries. Findings uncovered that cross-industry fraud is prevalent and costly, and that fraud mitigation professionals from insurance, health care, retail, communications, insurance, financial services and government could benefit from details of fraud investigations from outside of their own industry. Check out the highlights from our fraud study here.

1. 2015 LexisNexis®
Fraud Mitigation Study:
Summary of Key Findings
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Properties Inc., used under license. Copyright 2015 LexisNexis. All rights reserved.

2. 1 2015 LexisNexis Fraud Mitigation Study: Summary of Key Findings
Background and Objectives
Fraud is a serious concern for organizations in
every industry, with U.S. costs tallying into the
billions of dollars or more.
LexisNexis®
Risk Solutions conducted its 2015 Fraud
Mitigation Study to examine some of the trends around
fraud, particularly related to the propensity for criminals
to perpetrate fraud across multiple industries.
GOALS
•• Explore the extent to which fraud
mitigation professionals encounter
fraud cases from other companies
and industries, and look at some
perceptions and trends around
these cases.
•• Understand how these professionals are
using external data and analytics-based
solutions for fraud detection.

3. 2 2015 LexisNexis Fraud Mitigation Study: Summary of Key Findings
Study Methodology
The LexisNexis Fraud Mitigation Study was
conducted as an online national survey of
400 fraud mitigation professionals from
insurance, financial services, retail, health care,
government and communications.
The survey has a confidence level of
95 percent.
Third-party research firm Moore & Symons
administered the research. LexisNexis was
not identified to participants as the sponsor.
95%

4. 3 2015 LexisNexis Fraud Mitigation Study: Summary of Key Findings
Firmographics
•• Respondents include fraud mitigation
professionals in varying roles within
their organizations. Eighty-one percent
have at least some direct involvement
in fraud cases, and more than half have
oversight responsibilities.
•• Participants are from organizations
of various sizes, with nearly a third
(29 percent) from organizations with
more than 1,000 employees.
•• About 70 percent of respondents come
from fraud departments with 20 or
fewer employees.
•• More than half have an annual budget of
$500,000 or less for data and analytics
fraud prevention solutions, and nearly
30 percent have a budget of $1 million
or more.
Northeast
Southeast
West
Midwest
Mid-Atlantic
Southwest
Other
Region Where Located Level in Corporation
VP or higher
Director
Manager
Analyst
Other
40%
21%
19%
19%
11%
9%
1%
24%
29%
3%
4%
22%

5. 4 2015 LexisNexis Fraud Mitigation Study: Summary of Key Findings
Executive Summary
Key Takeaways Cross-industry fraud is prevalent. (p. 6)
Fraud cases with relevance to multiple
industries tend to carry a high financial
impact. (p. 7)
Fraud mitigation professionals see value
in accessing data about fraud cases from
outside of their organization or industry.
(p. 8)
They also see value in universal descriptors
for fraud that are consistent across industries.
(p. 9)
When it comes to current fraud mitigation
practices, a majority of those surveyed are
accessing both external data and analytics
solutions; although fewer than half are using
these solutions “very frequently.” (p. 10)
1
2
3
4
5

6. 5 2015 LexisNexis Fraud Mitigation Study: Summary of Key Findings
Survey Highlights

7. 6 2015 LexisNexis Fraud Mitigation Study: Summary of Key Findings
How often are fraud cases connected
to other industries?
84%encounter fraud from
other industries
30%
In over half
of cases
19%
In a quarter to
half of cases
35%
In less than a
quarter of cases
16%
Never
Key Takeaway 1

8. 7 2015 LexisNexis Fraud Mitigation Study: Summary of Key Findings
Rate the financial impact that outside cases
have on your organization.
55%EXTREME OR HIGH
FINANCIAL IMPACT
22%MODERATE
FINANCIAL IMPACT
21%LITTLE TO NO
FINANCIAL IMPACT
2%
DON’T KNOW
FINANCIAL IMPACT
Key Takeaway 2

9. 8 2015 LexisNexis Fraud Mitigation Study: Summary of Key Findings
How valuable would it be to have on-demand access to data
about fraud activities, events, persons or other attributes?
60%
Very Valuable
25%
41% 33%
Within your industry
Outside your industry
Somewhat Valuable
Fraud professionals would use cross-industry
data primarily as:
76% Indicators of a potential problem
41%
Additional evidence in an
investigation
34% Attributes in a predictive model
Method of determining cases
Determinant of benefits
28%
13%
Key Takeaway 3

10. 9 2015 LexisNexis Fraud Mitigation Study: Summary of Key Findings
How valuable would it be if there were common, general ways of
describing fraud that are consistent across industries?
56%VERY VALUABLE
31%SOMEWHAT
VALUABLE
13%NOT VERY
VALUABLE
Key Takeaway 4

11. 10 2015 LexisNexis Fraud Mitigation Study: Summary of Key Findings
Use of Data Analytics
The survey also explored the extent
to which data analytics are used for
fraud detection.
FREQUENCY
To what extent does your team rely on external
data and analytics-based solutions for fraud
detection?
75%of professionals rely on
them to some extent
45%
Very Frequently
30%
Somewhat
Frequently
25%
Not At All
Key Takeaway 5

12. 11 2015 LexisNexis Fraud Mitigation Study: Summary of Key Findings
3 out of 4
professionals are currently using
external data and/or analytics-based
solutions for fraud prevention.
Use of Data Analytics
DRIVERS
DETERRENTS
65%
54%
45%
44%
36%
OTHER
SPEED
EFFECTIVENESS
INDUSTRY BEST PRACTICE
COMPLIANCE
ACCURACY
40%
29%
24%
21%
10% TRAINING
KNOWLEDGE
AWARENESS
BUDGET
COMFORT
22% OTHER* * Other specifies no need, too small, use internal data
sources, fraud would be internal

13. Fraud occurs along the customer
continuum and across many industries.
By leveraging cross-industry data and analytics-based solutions, fraud mitigation professionals
can be better equipped to detect and combat fraud.
For more information about the
LexisNexis 2015 Fraud Mitigation Study,
visit www.lexisnexis.com/fraudstudy
or call 844.AX.FRAUD (844.293.7283)