LexisNexis® Risk Solutions Inc., a Reed Elsevier company, has added an additional 22.1 million date of birth records to its UK consumer dataset. The LexisNexis UK dataset now contains a total of 125.4 million date of birth records, making it the largest reference source of its type, for UK date of birth information. As a result, LexisNexis customers now benefit from more accurate data matching than what was previously available in the marketplace.
LexisNexis data underpins the business’ services including tracing, identity verification, fraud prevention and risk assessment. The dataset is compiled from a wealth of Data Protection Act compliant sources and contains information for the majority of UK residents.
Explaining the significance of the data acquisition, Paul Weathersby, Product Director, LexisNexis said: “Date of birth is a pivotal personal identifier. It is used to trace and to link different pieces of information within varying datasets such as the electoral roll, company directorships, telephone records and insolvencies. The addition of new date of birth information increases the likelihood of a successful match.”
As a result of this U.K. data acquisition, banks, pension firms and other companies working with LexisNexis benefit from an improved ability to identify individuals during financial transactions and make well informed decisions based on the most accurate data currently available. For example, banks are able to on-board customers faster and with more confidence, while remaining compliant with Know Your Customer regulations. Date of birth information is used extensively throughout the financial services industry as part of their regulatory requirements and to screen for fraud – existence or mortality checks for example are a vital tool for the pensions industry.
“The financial services industry is increasingly underpinned by good quality data. Data is at the heart of every good decision, whether by a Money Laundering Risk Officer screening banking customers against international sanctions lists or a pension administrator trying to detect mortality fraud. By offering more and better quality data sources than our competitors, LexisNexis is the partner of choice for the wide breadth of industries we service,” said Weathersby.