LexisNexis Risk Solutions has acquired IDVerse, an innovator in AI-driven document authentication and fraud prevention.
IDVerse, known for its advanced AI technology in combating fraud and deepfakes, was launched commercially in 2018 and has since become pivotal in verifying identities across numerous industries.
The acquisition, valued at an undisclosed sum, is aimed at enhancing LexisNexis Risk Solutions’ capabilities in fraud detection, particularly against evolving threats like AI-generated fraud. IDVerse will integrate into LexisNexis RiskNarrative, IDU, and the Dynamic Decision Platform, enriching the existing suite with more robust risk management tools.
LexisNexis Risk Solutions is a subsidiary of RELX, specializing in multi-layered identity verification to protect consumer data and support financial inclusion. IDVerse brings to the table a proprietary technology that leverages deep neural networks for document verification and biometric algorithms for identity checks, capable of handling over 16,000 document types globally.
This strategic move will significantly enhance LexisNexis’ fraud prevention solutions, offering clients enhanced risk insights and stronger defenses against sophisticated fraud tactics, including those generated by artificial intelligence. The integration of IDVerse’s technology ensures continuous innovation in fraud detection capabilities and supports quicker updates to fraud detection models.
Rick Trainor, CEO of Business Services at LexisNexis Risk Solutions, commented on the acquisition, “Anti-fraud capabilities need to advance as fast or faster than fraudsters innovate their tactics. 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.”
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