LexisNexis completes acquisition of IDVerse for AI solutions

LexisNexis Risk Solutions has completed the acquisition of IDVerse, expanding its capabilities in risk and fraud solutions and enhancing digital identity onboarding and identity verification through AI-powered technology.

IDVerse, founded in Australia and commercially launched in 2018, specialises in AI-powered document authentication and fraud detection solutions. It is now part of the Business Services segment of LexisNexis Risk Solutions. Its services will continue to be available through the LexisNexis RiskNarrative platform, LexisNexis IDU, and will be introduced as a separate offering within the LexisNexis Dynamic Decision Platform later this year.

IDVerse employs a proprietary technology that utilises a deep neural network to authenticate identity documents. With consumer consent, it matches a consumer's face to their identity document using biometric algorithms for identity verification and liveness detection, aimed at preventing fraudulent submissions. The technology can verify over 16,000 types of identity documents globally, serving diverse organisations across multiple industries and the public sector.

The integration of IDVerse is intended to enhance the portfolio of LexisNexis Risk Solutions, providing more extensive risk insights to better protect consumers. It also supports financial inclusion for verified individuals and aids organisations worldwide in maintaining an optimal risk posture.

The combination of LexisNexis Risk Solutions' multi-layered identity verification tools with IDVerse's AI technology seeks to address the evolving needs of customers and the emerging threats related to fraud. By expanding global identity verification capabilities, the merger aims to strengthen defences against AI-generated fraud. Additionally, IDVerse's self-learning AI ensures improved fraud detection, faster model updates, and more accurate identity verification.

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, the company 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. 

Rick Trainor, CEO of Business Services at LexisNexis Risk Solutions, commented, "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."

The financial terms of the transaction have not been disclosed.