LexisNexis Risk Solutions earns two awards for fraud, financial crime compliance solutions in Africa
Digibank Summit and Africa Bank 4.0 awards recognise the positive impact of technology solutions for institutions as they experience increasing financial crime compliance costs.
LexisNexis Risk Solutions has won two awards in Africa for its fraud and financial crime compliance solutions. The Digibank Summit Awards recognised the company for Excellence in Digital Leadership, while the Africa Bank 4.0 Awards named it Best Solution Provider for Financial Fraud and Compliance.
“We are proud to be recognised for our work on anti-financial crime and compliance solutions in Africa,” said Grayson Clarke, senior vice-president, LexisNexis Risk Solutions. “In our latest True Cost of Financial Crime Compliance study, we found that financial institutions in South Africa were projected to experience a 15.1% increase in the total cost of compliance in 2022. Meanwhile, statistics from our LexisNexis Digital Identity Network show that one in every six account creations in Africa is an attack by a fraudster, higher than the global average of one in 11. Deploying the right technology solutions can enable businesses throughout Africa to reduce the cost of compliance and allow their compliance teams to focus on strategic and value-additive work.”
The judges for the Digibank Summit Awards said the recognition for Excellence in Digital Leadership reflects the exceptional scope of work in the digital banking sector. “LexisNexis Risk Solutions impressed us with its innovative solutions and ability to transform the digital banking landscape. The dedication to providing superior customer service also stood out,” said the judges.
In naming LexisNexis Risk Solutions as the Best Solutions Provider for Financial Fraud and Compliance at the Africa Bank 4.0 Awards, the judges recognised the fraud detection and prevention technology offered by LexisNexis ThreatMetrix. They also praised LexisNexis Firco Trade Compliance, which helps banks detect entities associated with money laundering, sanctions, terrorism and other financial crime risks in their trade finance businesses.