LexisNexis Threat Options has signed an settlement to amass doc authentication and fraud detection options supplier IDVerse. Phrases weren’t disclosed.
The acquisition will improve LexisNexis Threat Options’ capability to fight rising threats reminiscent of AI-generated fraud and deepfakes.
As OCR Labs, IDVerse gained Better of Present in its Finovate debut at FinovateAsia 2017.
LexisNexis Threat 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 Threat Options Enterprise Providers.
Phrases of the transaction weren’t disclosed.
IDVerse leverages regenerative AI to combat 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 determine potential fraud. With IDVerse’s expertise, companies can confirm identities in seconds utilizing simply the applicant’s face and their smartphone.
“LexisNexis Threat 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 affect our mixed options and expertise could make in bettering outcomes for our shoppers towards a fast-changing threat panorama.”
Because of a pre-existing alliance settlement, IDVerse’s options are already out there through LexisNexis Threat Options’ platform. The acquisition will combine IDVerse’s performance throughout options and enhance buyer preparedness to handle rising fraud threats. LexisNexis Threat Options has supplied doc authentication options since 2005, and its acquisition of IDVerse will add to the agency’s capability to fight new challenges reminiscent of 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 Threat Options. “Integrating IDVerse’s superior and complementary expertise will additional improve our capability to offer the danger insights our shoppers must defend towards unhealthy actors at the moment and into the longer term — no matter the place our shoppers are on the earth 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 functions for account opening, KYC/AML, passwordless login, fraud prevention, and extra, IDVerse’s options serve companies in industries starting from monetary companies 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 power 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 combat digital fraud in the course of 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.
Picture by Kaboompics.com
Views: 127
