LSEG Risk Intelligence, the compliance, risk management and fraud prevention solution provider, has launched two new products designed to enhance financial security and drive operational efficiencies across the globe.
LSEG Risk Intelligence is launching Global Account Verification, which checks payee and account details match before transfers are confirmed, as well as Document and Biometric Verification, which uses AI and deep learning to accurately conduct identity checks.
It says these products will help organisations, including multinational corporations, financial institutions and fintechs, defend their businesses and protect customers from increasingly sophisticated fraud techniques, while streamlining payment and identity verification workflows.
Payment fraud is high on the agenda with a recent report from UK Finance highlighting that £213.7million was lost in the UK in the first half of 2024. Regulatory bodies are also stepping up with recent rules on reimbursements for victims for APP fraud in the UK and the EU. It requires that all payment service providers within the bloc offer 24/7 instant payments starting January 2025. In addition, account name and IBAN account number checks will be mandatory from October 2025 for Eurozone payment service providers.
LSEG’s Global Account Verification helps organisations protect their customers by enabling real-time verification of bank accounts and ownership across an initial 22 countries. It verifies payments reach the correct recipients by querying account information with a ‘match’, a ‘close match’ and a ‘no match’. This insight enables customers to make better decisions and to pay with confidence and trust. In the near-future, coverage of GAV will expand to 80 per cent of G20 countries.
Fighting deepfake-enabled fraud
As synthetic media such as deepfakes increasingly impact digital identity, verifying customer identities has become crucial to prevent fraud and remain complaint.
Document and Biometric Verification combines facial recognition, document screening, and liveness detection, underpinned by advanced AI and deep learning capabilities. This swiftly confirms identities using biometric data and government-issued documents.
Ramesh Menon, group director, product management, LSEG Risk Intelligence
Document and Biometric Verification covers over 16,000 identity documents from over 220 countries, in over 140 languages and typesets, enabling secure and scalable identity verification.
Ramesh Menon, group director of product management for digital identity and fraud at LSEG Risk Intelligence, commented: “Fraudsters are constantly innovating; and operating with greater sophistication and scale than ever before.
“As bad actors target vulnerabilities across multiple points of the client and vendor workflows, we are continuously investing in robust, data-driven solutions to help customers mitigate global payments and identity risk with greater assurance.”
Both of the new solutions are available via API, enabling organisations to integrate account data into their systems driving efficiencies.
The post LSEG Risk Intelligence Launches New Security Solutions to Mitigate Global Payments and Identity Risk appeared first on The Fintech Times.
{Categories} _Category: Implications{/Categories}
{URL}https://thefintechtimes.com/lseg-risk-intelligence-launches-new-security-solutions-to-mitigate-global-payments-and-identity-risk/{/URL}
{Author}The Fintech Times{/Author}
{Image}https://thefintechtimes.com/wp-content/uploads/2024/10/Ramesh-Menon-group-director-of-product-management-for-digital-identity-and-fraud-at-LSEG-Risk-Intelligence.jpg{/Image}
{Keywords}Cybersecurity,Europe,Trending{/Keywords}
{Source}Implications{/Source}
{Thumb}{/Thumb}