Acquisition will expand LexisNexis Risk
Solutions' capabilities in risk and fraud solutions and enhance
digital identity onboarding and identity verification through
IDVerse's AI-powered technology.
ATLANTA and LONDON, Dec. 10,
2024 /PRNewswire/ -- 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 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 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
organisations 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 defences 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 fraud schemes 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.
About LexisNexis Risk Solutions
LexisNexis® Risk
Solutions harnesses the power of data, sophisticated analytics
platforms and technology solutions to provide insights that
help businesses across multiple industries and governmental
entities reduce risk and improve decisions to benefit people around
the globe. Headquartered in metro Atlanta, Georgia, we have offices throughout
the world and are part of RELX (LSE: REL/NYSE: RELX), a global
provider of information-based analytics and decision tools for
professional and business customers. For more information, please
visit LexisNexis Risk Solutions and RELX.
About RELX
RELX is a global provider of information-based analytics and
decision tools for professional and business customers. RELX serves
customers in more than 180 countries and has offices in about 40
countries. It employs more than 36,000 people over 40% of whom are
in North America. The shares of RELX PLC, the parent company,
are traded on the London,
Amsterdam and New York stock exchanges using the following
ticker symbols: London: REL;
Amsterdam: REN; New York: RELX. The market capitalisation is
approximately £69bn/€82bn/$89bn.
About IDVerse
IDVerse provides tools and
infrastructure that help empower the identity verification
industry, enabling businesses to verify anyone's identity within
seconds using only their face and smartphone. IDVerse harnesses the
power of regenerative AI to not only fight fraud and deepfakes but
also significantly reduce associated risks. IDVerse is trusted by
financial institutions, fintech, the public sector and global
enterprises with offices in Sydney, Melbourne, London and Silicon Valley.
Media Contacts:
LexisNexis Risk Solutions
Ade O'Connor
+44 78 9091 8264
Ade.O'Connor@lexisnexisrisk.com
IDVerse
Matt Ingman
media@idverse.com
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