LexisNexis Risk Solutions, part of RELX, has completed its acquisition of IDVerse, an AI-driven identity verification and fraud detection provider. The terms of the deal were not disclosed.
IDVerse, founded in Australia in 2018, specialises in document authentication and biometric identity verification.
Its technology, powered by a deep neural network, can verify more than 16,000 types of identity documents globally.
With consumer consent, IDVerse’s AI verifies authenticity before matching the consumer’s face to the document photo.
It also detects fraudulent submissions using liveness detection and AI-powered fraud prevention tools.
Following the acquisition, IDVerse will be integrated into the Business Services segment of LexisNexis Risk Solutions and remain available through the company’s RiskNarrative and IDU platforms.
A stand-alone version of IDVerse’s technology and its availability on the Dynamic Decision Platform are expected later this year.
IDVerse’s self-learning AI will contribute to more efficient and faster fraud detection model updates and improved accuracy in identity verification.
LexisNexis Risk Solutions said the acquisition will expand its digital identity verification capabilities and enhance fraud prevention efforts, particularly against AI-generated threats such as deepfakes.
The company aims to provide businesses with stronger risk insights while supporting financial inclusion efforts.
Rick Trainor, CEO of Business Services at LexisNexis Risk Solutions, said,
“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.”
Featured image credit: Edited from Freepik
