LexisNexis Danger Options has signed an settlement to amass doc authentication and fraud detection options supplier IDVerse. Phrases weren’t disclosed.
The acquisition will improve LexisNexis Danger Options’ capacity to fight rising threats similar to AI-generated fraud and deepfakes.
As OCR Labs, IDVerse gained Better of Present in its Finovate debut at FinovateAsia 2017.
LexisNexis Danger Options has agreed to amass AI-powered automated doc authentication and fraud detection options supplier IDVerse. The corporate, which launched itself to Finovate audiences at FinovateAsia 2017 as OCR Labs, will change into part of LexisNexis Danger Options Enterprise Providers.
Phrases of the transaction weren’t disclosed.
IDVerse leverages regenerative AI to struggle fraud and deep fakes. The corporate’s expertise is powered by a deep neural community which verifies the authenticity of greater than 16,000 forms of identification paperwork globally. Moreover, with shopper consent, IDVerse applies biometric algorithms for identification verification and liveness detection to establish potential fraud. With IDVerse’s expertise, companies can confirm identities in seconds utilizing simply the applicant’s face and their smartphone.
“LexisNexis Danger Options has been on the forefront of enabling compliance and reducing threat for companies worldwide for many years,” IDVerse CEO John Myers stated. “We’re wanting ahead to seeing the influence our mixed options and expertise could make in bettering outcomes for our shoppers in opposition to a fast-changing threat panorama.”
Due to a pre-existing alliance settlement, IDVerse’s options are already obtainable through LexisNexis Danger Options’ platform. The acquisition will combine IDVerse’s performance throughout options and increase buyer preparedness to handle rising fraud threats. LexisNexis Danger Options has offered doc authentication options since 2005, and its acquisition of IDVerse will add to the agency’s capacity to fight new challenges similar to AI-generated fraud.
“AI-powered options are essential to counter the specter of AI-generated fraud assaults, together with deepfakes,” stated Rick Trainor, CEO of Enterprise Providers for LexisNexis Danger Options. “Integrating IDVerse’s superior and complementary expertise will additional improve our capacity to offer the danger insights our shoppers must defend in opposition to dangerous actors right this moment and into the longer term — no matter the place our shoppers are on this planet or the place they do enterprise.”
Headquartered in Sydney, Australia, and based in 2017 as OCR Labs, the corporate gained Better of Present in its Finovate debut at FinovateAsia 2017. The agency rebranded as IDVerse in 2023. With purposes for account opening, KYC/AML, passwordless login, fraud prevention, and extra, IDVerse’s options serve companies in industries starting from monetary providers and insurance coverage to crypto and telecommunications. The corporate’s Zero Bias AI expertise places regenerative AI to work to assist mitigate the potential for discrimination based mostly on ethnicity, age, and gender. Along with enhancing the flexibility to fight fraud and deepfakes, IDVerse’s Zero Bias AI expertise considerably lowers related dangers.
Final month, IDVerse introduced that it had signed a brand new identification infrastructure partnership with London Inventory Alternate Group (LSEG). The partnership will assist LSEG scale international protection and struggle digital fraud throughout the buyer onboarding course of. In October, IDVerse introduced it had onboarded iGaming identification verification and compliance options supplier GlobalCheck and regulatory compliance options firm BetComply. That month, IDVerse additionally introduced that Hastings Direct Loans had automated its mortgage decisioning and identification verification processes utilizing IDVerse’s identification instruments.
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