LexisNexis Risk Solutions, part of RELX, has announced its acquisition of IDVerse, a provider of AI-powered document authentication and fraud detection solutions.
This acquisition enhances LexisNexis Risk Solutions’ ability to address AI-generated fraud, such as deepfakes, while expanding its global identity verification capabilities. Founded in 2018 in Australia, IDVerse specializes in advanced technologies designed to verify over 16,000 types of identity documents worldwide.
Its solutions use artificial intelligence to confirm the authenticity of documents and match consumer faces to document photos through biometric algorithms. This approach also includes liveness detection, ensuring that submissions are legitimate and not fraudulent.
The acquisition builds on an existing partnership between the two companies. IDVerse’s technology has already been integrated into the LexisNexis Risk Solutions platform through a prior alliance agreement. Now, these capabilities will be further enhanced and expanded, providing a unified approach to combating fraud on a global scale.
LexisNexis Risk Solutions has been providing document authentication solutions since 2005. The addition of IDVerse’s self-learning AI technology will improve its ability to adapt to new fraud schemes and strengthen its defenses against emerging threats. This technology automatically updates its fraud detection models, ensuring a rapid response to evolving tactics.
Risk management with AI
This acquisition aligns with LexisNexis Risk Solutions’ broader strategy to provide advanced risk management tools to organizations worldwide. By combining IDVerse’s AI capabilities with its existing offerings, the company aims to deliver better protection for customers and promote financial inclusion for trusted consumers.
The deal is expected to close in early 2025, pending regulatory approval. Although the financial terms of the transaction have not been disclosed, the integration is anticipated to play a crucial role in preparing organizations for the future of fraud prevention.
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