Acquisition of IDVerse by LexisNexis Risk Solutions
LexisNexis Risk Solutions Acquires AI-Powered Identity Verification Specialist IDVerse
LexisNexis Risk Solutions, a leading provider of risk management solutions, has announced the acquisition of IDVerse, an Australian startup specialising in AI-powered identity verification. This move is aimed at strengthening LexisNexis Risk Solutions' anti-fraud capabilities and addressing evolving customer needs and emerging threats.
In a statement, Rick Trainor, CEO of Business Services at LexisNexis Risk Solutions, underscored the importance of advancing anti-fraud capabilities as fast or faster than fraudsters innovate their tactics. He praised IDVerse's accelerated innovation in the field of AI-powered fraud detection, particularly in the face of AI-generated fraud such as deepfakes.
IDVerse's proprietary technology verifies the authenticity of identity documents and is capable of verifying more than 16,000 types of identity documents globally. With consumer consent, it matches the consumer's face to the photo on a document using biometric algorithms for identity verification. The technology also detects a fraudulent submission using liveness detection.
The terms of the transaction between LexisNexis Risk Solutions and IDVerse have not been disclosed. However, it is known that IDVerse will continue to be available within the LexisNexis RiskNarrative platform, LexisNexis IDU, and will be offered within LexisNexis Dynamic Decision Platform as a stand-alone solution later this year.
IDVerse was founded in Australia and launched commercially in 2018. Its technology is already used across various industries and the public sector. The founder of IDVerse is not mentioned in the provided search results.
Rick Trainor expressed his excitement about the potential of the combined offerings, stating that he is eager to see how LexisNexis Risk Solutions' complementary cutting-edge solutions will combine to take anti-fraud capabilities to new levels. He believes that the expanded global ID verification capabilities will bolster defences against AI-generated fraud.
With this acquisition, LexisNexis Risk Solutions reinforces its commitment to delivering innovative solutions that help businesses and governments combat fraud and deepfakes more effectively.
