LexisNexis Risk Solutions, a global data and analytics company under RELX, has agreed to acquire IDVerse, a provider of AI-powered document authentication and fraud detection solutions.
The acquisition is expected to be completed in early 2025, subject to customary regulatory consents. Financial terms were not disclosed.
This move will enable LexisNexis Risk Solutions to further enhance its capabilities in combating AI-generated fraud, including deepfakes.
IDVerse’s advanced AI technology can verify over 16,000 types of identity documents globally, utilising biometric algorithms, liveness detection, and self-learning capabilities to adapt to evolving fraud tactics.
The self-learning AI technology updates its fraud models automatically, allowing for a rapid response to new fraud schemes worldwide.
Its advanced accuracy delivers improved and more comprehensive identity verification for clients.
By integrating IDVerse’s technology with its existing platform—where it is already available through a pre-existing alliance—LexisNexis Risk Solutions aims to provide clients with more comprehensive identity verification solutions and stronger protection against emerging threats.
The acquisition will also strengthen the partnership between the two companies, leveraging their complementary technologies to tackle future fraud challenges.
Rick Trainor, CEO of Business Services for LexisNexis Risk Solutions, said,
“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.”
Featured image credit: Edited from Freepik
