LexisNexis to acquire IDVerse for advanced AI fraud tools

LexisNexis Risk Solutions has announced an agreement to acquire IDVerse in a move to enhance its capabilities in risk and fraud management.

The acquisition is set to integrate IDVerse's advanced AI-powered document authentication and fraud detection technology into LexisNexis Risk Solutions, forming part of its Business Services division. IDVerse, founded and launched in Australia in 2018, is known for its use of AI to tackle complex challenges such as fraud and deepfakes. The company's technology employs biometric algorithms to verify identity documents and detect fraudulent submissions, with capabilities to authenticate over 16,000 types of identity documents globally.

Rick Trainor, CEO of Business Services for LexisNexis Risk Solutions, spoke on the importance of AI in combating modern fraud threats, stating, "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, expressed enthusiasm about the collaboration, saying, "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."

Julie Conroy, Chief Insights Officer at analyst firm Datos Insights, provided context on the industry, stating, "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."

LexisNexis Risk Solutions has been engaged in document authentication since 2005, and this acquisition is seen as a strategic step in advancing its capacity to address AI-generated fraud. The transaction's closure is subject to regulatory approvals and is anticipated for early 2025, although the financial details remain undisclosed.

Headquartered in metro Atlanta, Georgia, LexisNexis Risk Solutions has offices throughout the world and are part of RELX, a global provider of information-based analytics and decision tools for professional and business customers.

IDVerse provides tools and infrastructure to 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 used by financial institutions, fintech, the public sector and global enterprises.