rewrite this title LexisNexis Risk Solutions Agrees to Acquire IDVerse – Finovate

LexisNexis Risk Solutions has signed an agreement to acquire document authentication and fraud detection solutions provider IDVerse. Terms were not disclosed.

The acquisition will enhance LexisNexis Risk Solutions’ ability to combat emerging threats such as AI-generated fraud and deepfakes.

As OCR Labs, IDVerse won Best of Show in its Finovate debut at FinovateAsia 2017.

LexisNexis Risk Solutions has agreed to acquire AI-powered automated document authentication and fraud detection solutions provider IDVerse. The company, which introduced itself to Finovate audiences at FinovateAsia 2017 as OCR Labs, will become a part of LexisNexis Risk Solutions Business Services.

Terms of the transaction were not disclosed.

IDVerse leverages regenerative AI to fight fraud and deep fakes. The company’s technology is powered by a deep neural network which verifies the authenticity of more than 16,000 types of identity documents globally. Additionally, with consumer consent, IDVerse applies biometric algorithms for identity verification and liveness detection to identify potential fraud. With IDVerse’s technology, businesses can verify identities in seconds using just the applicant’s face and their smartphone.

“LexisNexis Risk Solutions has been at the forefront of enabling compliance and lowering risk for businesses worldwide for decades,” IDVerse CEO John Myers said. “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.”

Thanks to a pre-existing alliance agreement, IDVerse’s solutions are already available via LexisNexis Risk Solutions’ platform. The acquisition will integrate IDVerse’s functionality across solutions and boost customer preparedness to manage emerging fraud threats. LexisNexis Risk Solutions has provided document authentication solutions since 2005, and its acquisition of IDVerse will add to the firm’s ability to combat new challenges such as AI-generated fraud.

“AI-powered solutions are necessary to counter the threat of AI-generated fraud attacks, including deepfakes,” said Rick Trainor, CEO of Business Services for LexisNexis Risk Solutions. “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.”

Headquartered in Sydney, Australia, and founded in 2017 as OCR Labs, the company won Best of Show in its Finovate debut at FinovateAsia 2017. The firm rebranded as IDVerse in 2023. With applications for account opening, KYC/AML, passwordless login, fraud prevention, and more, IDVerse’s solutions serve businesses in industries ranging from financial services and insurance to crypto and telecommunications. The company’s Zero Bias AI technology puts regenerative AI to work to help mitigate the potential for discrimination based on ethnicity, age, and gender. In addition to enhancing the ability to combat fraud and deepfakes, IDVerse’s Zero Bias AI technology significantly lowers associated risks.

Last month, IDVerse announced that it had signed a new identity infrastructure partnership with London Stock Exchange Group (LSEG). The partnership will help LSEG scale global coverage and fight digital fraud during the customer onboarding process. In October, IDVerse announced it had onboarded iGaming identity verification and compliance solutions provider GlobalCheck and regulatory compliance solutions company BetComply. That month, IDVerse also announced that Hastings Direct Loans had automated its loan decisioning and identity verification processes using IDVerse’s identity tools.

Photo by Kaboompics.com

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