LexisNexis Risk Solutions to acquire IDVerse for AI fraud detection

By Gloria Methri

LexisNexis® Risk Solutions, part of RELX, has signed an agreement to acquire IDVerse™, a provider of AI-powered automated document authentication and fraud detection solutions. IDVerse will become part of LexisNexis Risk Solutions Business Services.

Founded in Australia and launched commercially in 2018, IDVerse uses AI to combat fraud and deepfakes. Its proprietary technology is powered by a deep neural network which verifies the authenticity of identity documents and, with consumer consent, matches the consumer’s face to the photo on a document using biometric algorithms for identity verification and liveness detection to detect a fraudulent submission.

IDVerse’s technology can verify more than 16,000 types of identity documents globally across organisations in various industries and the public sector.

LexisNexis Risk Solutions is renowned for leveraging advanced technology, analytics and global data networks to provide organisations with critical risk insights. Its capabilities enable better decision making and outcomes for clients globally and protect customers from cybercrime.

LexisNexis Risk Solutions has delivered document authentication solutions since 2005. Combining IDVerse’s advanced technology with its existing complementary offerings represents a natural evolution in addressing AI-generated fraud.

IDVerse’s solutions are already available through LexisNexis Risk Solutions’ platform pursuant to a pre-existing alliance agreement. The acquisition will integrate IDVerse’s capabilities across solutions and enhance customer readiness for future fraud threats through advanced AI-powered solutions.

Rick Trainor, CEO of Business Services for LexisNexis Risk Solutions, stated, “AI-powered solutions are necessary to counter the threat of AI-generated fraud attacks, including deepfakes. Integrating IDVerse’s advanced and complementary technology will further enhance our ability to provide the risk insights our clients need to defend against bad actors today and into the future – regardless of where our clients are in the world or where they do business.”

John Myers, CEO of IDVerse, added, “LexisNexis Risk Solutions has been at the forefront of enabling compliance and lowering risk for businesses worldwide for decades.  We’re looking forward to seeing the impact our combined solutions and technology can make in improving outcomes for our clients against a fast-changing risk landscape.”