AI-powered automated document authentication and fraud detection solutions provider, IDVerse is set to be acquired by data and analytics platform, LexisNexis Risk Solutions and become a part of LexisNexis Risk Solutions Business Services to combat AI-generated fraud.
LexisNexis Risk Solutions already offers IDVerse‘s solutions pursuant to a pre-existing alliance agreement. However, the acquisition will integrate IDVerse’s capabilities across all solutions and will enhance customer readiness for future fraud threats through advanced AI-powered solutions.
Founded in Australia and launched commercially in 2018, IDVerse uses AI to combat fraud and deepfakes. Its proprietary technology is powered by a deep neural network which verifies the authenticity of identity documents and, with consumer consent, matches the consumer’s face to the photo on a document using biometric algorithms for identity verification and liveness detection to detect a fraudulent submission.
IDVerse’s technology is capable of verifying more than 16,000 types of identity documents globally across organisations in various industries and the public sector.
Combining forces
LexisNexis Risk Solutions has delivered document authentication solutions since 2005. Combining its advanced technology, analytics and global data networks to provide organisations with critical risk insights with IDVerse in this new partnership will have a variety of benefits.
From a societal standpoint, it will enhance risk insights to further protect consumers and promote financial inclusion for trusted consumers. All the while, it will also facilitate a more optimal risk posture for organisations globally.
Together, the firms will also foster greater adaptability by combining LexisNexis Risk Solutions’ identity verification capabilities with IDVerse’s AI-powered technology to address evolving customer needs and emerging fraud threats.
Additionally, the expansion of LexisNexis Risk Solutions’ global approach to identity verification will enable stronger defences against AI-generated fraud. Lastly, IDVerse’s self-learning AI technology updates its fraud models automatically. This will allow for a rapid response to new fraud schemes worldwide. In turn, its advanced accuracy will deliver improved and more comprehensive identity verification for clients.
Providing risk insights across the globe
Rick Trainor, CEO of Business Services for LexisNexis Risk Solutions
Rick Trainor, CEO of Business Services for LexisNexis Risk Solutions stated: “AI-powered solutions are necessary to counter the threat of AI-generated fraud attacks, including deepfakes. Integrating IDVerse’s advanced and complementary technology will further enhance our ability to provide the risk insights our clients need to defend against bad actors today and into the future – regardless of where our clients are in the world or where they do business.”
John Myers, CEO of IDVerse
John Myers, CEO of IDVerse added: “LexisNexis Risk Solutions has been at the forefront of enabling compliance and lowering risk for businesses worldwide for decades. We’re looking forward to seeing the impact our combined solutions and technology can make in improving outcomes for our clients against a fast-changing risk landscape.”
Commenting on the acquisition, Julie Conroy, chief insights officer at industry analyst firm Datos Insights said: “Crime rings have been steadily increasing their use of sophisticated automation and AI in their attacks for years, which hinders many of the traditional risk controls. It takes AI to fight AI, especially as firms look to balance a robust risk posture alongside a good customer experience. AI-powered document verification represents this kind of balance.”
Closing of the transaction is subject to customary regulatory consents and is expected in early 2025. The terms of the transaction have not been disclosed.
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