LexisNexis® Risk Solutions, a division of RELX, has announced a definitive agreement to acquire IDVerse™, a cutting-edge provider of AI-driven document authentication and fraud detection solutions. Following the acquisition, IDVerse will integrate into LexisNexis Risk Solutions Business Services.
Transforming Identity Verification with AI
Founded in Australia and launched in 2018, IDVerse leverages artificial intelligence to combat fraud, including deepfakes. Its proprietary deep neural network technology authenticates identity documents and, with user consent, uses biometric algorithms to match faces with document photos. This enables robust identity verification and liveness detection to prevent fraudulent submissions.
IDVerse’s technology supports verification of over 16,000 identity document types worldwide, serving organizations across diverse industries and public sectors.
Strengthening Risk Insights and Fraud Protection
LexisNexis Risk Solutions is renowned for delivering advanced analytics and technology to combat cybercrime and enhance decision-making globally. With a legacy of providing document authentication solutions since 2005, the company sees the acquisition of IDVerse as a natural progression in addressing sophisticated AI-generated fraud.
The partnership will further bolster LexisNexis Risk Solutions’ fraud prevention efforts through:
- Global Document Authentication: Enhanced identity verification capabilities to counter AI-generated fraud on a global scale.
- AI-Powered Fraud Detection: Self-learning AI technology to quickly adapt to emerging fraud schemes and deliver accurate identity verification.
- Improved Risk Insights: Facilitating financial inclusion for trusted consumers while strengthening organizations’ defenses against cyber threats.
- Customer-Centric Solutions: Seamlessly combining IDVerse’s AI-powered technology with LexisNexis Risk Solutions’ existing offerings to meet evolving client needs.
Industry Leaders on the Acquisition
Rick Trainor, CEO of Business Services at LexisNexis Risk Solutions, emphasized the importance of AI in combating fraud, stating: AI-powered solutions are critical to countering sophisticated fraud attacks like deepfakes. Integrating IDVerse’s technology enhances our ability to deliver actionable risk insights and robust fraud defenses globally.
John Myers, CEO of IDVerse, expressed enthusiasm for the collaboration, adding: LexisNexis Risk Solutions has a proven track record of enabling compliance and reducing risk. We are excited about the transformative impact our combined technologies will bring to clients navigating an evolving risk landscape.
Julie Conroy, Chief Insights Officer at Datos Insights, highlighted the urgency of leveraging AI to counter fraud: As criminals increasingly use AI and automation, traditional risk controls fall short. AI-powered verification strikes the perfect balance between strong security and seamless customer experience.
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