LexisNexis Risk Solutions has completed its acquisition of IDVerse, an AI-powered document authentication and fraud detection solutions provider. The acquisition enhances LexisNexis Risk Solutions’ digital identity verification and fraud prevention capabilities, complementing the company’s existing suite of identity verification tools.
IDVerse, which launched commercially in 2018, has developed proprietary deep neural network technology capable of authenticating more than 16,000 types of identity documents worldwide. The company’s AI-based system verifies document authenticity and, with user consent, matches individuals’ faces to document photos using biometric algorithms and liveness detection to identify fraudulent submissions. The technology has become increasingly vital as organizations combat sophisticated fraud attempts, including deepfake-based attacks.
The acquired technology will be integrated into LexisNexis Risk Solutions’ Business Services segment. It will continue to be available within the LexisNexis RiskNarrative platform and LexisNexis IDU, with plans to offer it as a standalone solution within the LexisNexis Dynamic Decision Platform later this year. The integration supports the company’s broader strategy of expanding its identity verification capabilities through strategic acquisitions.
“Anti-fraud capabilities need to advance as fast or faster than fraudsters innovate their tactics,” said Rick Trainor, CEO of Business Services at LexisNexis Risk Solutions. “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 acquisition follows LexisNexis Risk Solutions’ previous purchase of BehavioSec, which added behavioral biometrics to its portfolio, demonstrating the company’s commitment to building a comprehensive suite of identity verification tools. The digital identity verification market is projected to reach $18.6 billion by 2026, driven by increasing demand for secure remote authentication solutions and regulatory compliance requirements.
The integration aims to enhance RELX clients’ access to comprehensive identity verification and fraud prevention capabilities. The combined technologies will provide advanced fraud detection, faster fraud model updates, and improved identity verification accuracy, addressing the growing need for robust digital identity verification solutions across various industries.
Sources: ID Tech, Market Screener, Finextra
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