LexisNexis Risk Solutions, an Alpharetta, GA-based company delivering document authentication solutions and part of RELX, has entered into an agreement to acquire IDVerse, an Australian provider of AI-powered automated document authentication and fraud detection solutions.
The amount of the deal was not disclosed.
The acquisition will integrate IDVerse’s capabilities across solutions and will enhance customer readiness for future fraud threats through advanced AI-powered solutions, including:
Societal Benefits: Enhancing risk insights to further protect consumers, promote financial inclusion for trusted consumers, and facilitate a more optimal risk posture for organizations globally.
Continued Adaptability: Combining LexisNexis Risk Solutions’ identity verification capabilities with IDVerse’s AI-powered technology to address evolving customer needs and emerging fraud threats.
Global Document Authentication Capabilities: Expansion of LexisNexis Risk Solutions’ global approach to identity verification will enable stronger defenses against AI-generated fraud.
Advanced Fraud Detection: IDVerse’s self-learning AI technology updates its fraud models automatically, allowing for a rapid response to new fraud schemes worldwide. Its advanced accuracy will deliver improved and more comprehensive identity verification for clients.
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 organizations in various industries and the public sector.
LexisNexis Risk Solutions is renowned for leveraging advanced technology, analytics and global data networks to provide organizations with critical risk insights. Its capabilities enable better decision making and outcomes for clients globally and protect customers from cybercrime. Headquartered in metro Atlanta, Georgia, the company has offices throughout the world and is part of RELX (LSE: REL/NYSE: RELX), a global provider of information-based analytics and decision tools for professional and business customers.
FinSMEs
10/12/2024
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