LexisNexis Risk Solutions announces its definitive agreement to acquire IDVerse, enhancing its document authentication and fraud detection capabilities.
LexisNexis Risk Solutions, a part of RELX and a leader in leveraging advanced technology and analytics, has entered into an agreement to acquire IDVerse, an innovative provider of AI-powered automated document authentication and fraud detection solutions. IDVerse will become an integral part of LexisNexis Risk Solutions Business Services.
The acquisition is driven by the goal to enhance document authentication and address AI-generated fraud, including deepfakes. Although the financial terms of the deal were not disclosed, the strategic alignment suggests a significant enhancement of LexisNexis Risk Solutions’ capabilities in fraud prevention.
LexisNexis Risk Solutions is renowned for its use of advanced technology, analytics, and global data networks to provide critical risk insights. Its solutions enable better decision-making and outcomes for clients worldwide, safeguarding against cybercrime. IDVerse, launched commercially in 2018 in Australia, employs AI to combat fraud and deepfakes, verifying over 16,000 types of identity documents globally. It uses a deep neural network to verify the authenticity of documents and matches consumers’ faces to photos on documents using biometric algorithms, enhancing identity verification and liveness detection.
This acquisition not only integrates IDVerse’s technology into LexisNexis Risk Solutions’ existing suite of services but also promises to elevate the readiness of customers against future fraud threats through advanced, AI-powered solutions. IDVerse’s technology is notable for its ability to update its fraud models automatically, ensuring rapid adaptation to new and evolving fraud schemes globally.
Additional information highlights the pre-existing alliance between the two companies, which had already made IDVerse’s solutions available on the LexisNexis Risk Solutions platform. This integration will now be deepened and expanded across various solutions.
Rick Trainor, CEO of Business Services for LexisNexis Risk Solutions, emphasized the necessity of AI-powered solutions to counter AI-generated fraud. He noted the importance of integrating IDVerse’s advanced technology to enhance the company’s ability to provide crucial risk insights. John Myers, CEO of IDVerse, expressed enthusiasm about the potential impact of their combined solutions on client outcomes in a rapidly changing risk landscape.
The acquisition is expected to close in early 2025, pending customary regulatory approvals.
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