LexisNexis® Risk Solutions, part of RELX, closed its acquisition of IDVerse™, a provider of AI-powered document authentication and fraud detection solutions. IDVerse is now part of the Business Services segment of LexisNexis Risk Solutions and will continue to be available within its LexisNexis® RiskNarrative® platform, LexisNexis® IDU®, and will be offered within its LexisNexis® Dynamic Decision Platform® as a stand-alone solution later this year.
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.
Once integration is complete, LexisNexis Risk Solutions will offer clients even more robust risk insights to better protect consumers, promote financial inclusion for trusted individuals and help organisations globally maintain an optimal risk posture.
Combining LexisNexis Risk Solutions’ multi-layered identity verification tools with IDVerse’s complementary AI-powered technology will address both evolving customer needs and emerging threats. Expanding global ID verification capabilities will bolster defences against AI-generated fraud, while IDVerse’s self-learning AI will ensure advanced fraud detection, faster fraud model updates and even more accurate identity verification.
Rick Trainor, CEO of Business Services at LexisNexis Risk Solutions, stated, “Anti-fraud capabilities need to advance as fast or faster than fraudsters innovate their tactics. AI-powered solutions are critical in defending against fraud, particularly AI-generated fraud such as deepfakes. IDVerse’s accelerated innovation in this field is impressive, and I’m eager to see how our complementary cutting-edge solutions will combine to take our anti-fraud capabilities to new levels.”
The terms of the transaction have not been disclosed.
