LexisNexis® Risk Solutions, part of RELX, has entered into 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 is capable of verifying more than 16,000 types of identity documents globally across organizations in various industries and the public sector.
LexisNexis Risk Solutions is renowned for leveraging advanced technology, analytics and global data networks to provide organizations with critical risk insights. Its leading capabilities enable better decision making and outcomes for clients globally and protect customers from cybercrime.
Enhancing Document Authentication and Fraud Prevention
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 will enhance customer readiness for future fraud threats through advanced AI-powered solutions, including:
- Societal Benefits: Enhancing risk insights to further protect consumers, promote financial inclusion for trusted consumers, and facilitate a more optimal risk posture for organizations globally.
- Continued Adaptability: Combining LexisNexis Risk Solutions' identity verification capabilities with IDVerse's AI-powered technology to address evolving customer needs and emerging fraud threats.
- Global Document Authentication Capabilities: Expansion of LexisNexis Risk Solutions' global approach to identity verification will enable stronger defenses against AI-generated fraud.
- Advanced Fraud Detection: IDVerse's self-learning AI technology updates its fraud models automatically, allowing for a rapid response to new fraudschemes worldwide. Its advanced accuracy will deliver improved and more comprehensive identity verification for clients.
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."
Commenting on the acquisition, Julie Conroy, chief insights officer at industry analyst firm Datos Insights, said, "Crime rings have been steadily increasing their use of sophisticated automation and AI in their attacks for years, which hinders many of the traditional risk controls. It takes AI to fight AI, especially as firms look to balance a robust risk posture alongside a good customer experience. AI-powered document verification represents this kind of balance."
Closing of the transaction is subject to customary regulatory consents and is expected in early 2025. The terms of the transaction have not been disclosed.