LexisNexis Risk Solutions has finalized the acquisition of IDVerse, a company that specializes in document authentication and fraud detection.
The press release, which was published by the mentioned firms last Wednesday, February 19, contains information that the specified deal will eventually allow LexisNexis Risk Solutions to offer more robust risk insights to help clients protect their customers. It is worth noting that the terms of the deal have not been disclosed.
Rick Trainor, chief executive officer of business services at LexisNexis Risk Solutions, said anti-fraud capabilities should advance as quickly as fraudsters innovate their tactics. In this context, it was also noted that artificial intelligence-powered solutions are critical to defending against fraud, especially those crimes of the appropriate category that are committed using AI, for example, deepfakes.
Machine intelligence has made the activities of cybercriminals more sophisticated. One of the tools for countering the corresponding threat in a virtual environment is the personal awareness of users. For example, an Internet search query such as how to know if my camera is hacked will allow anyone to get information about signs of unauthorized access to the device.
IDVerse, founded in Australia and launched commercially in 2018, uses artificial intelligence to prevent fraud and deepfakes. The company’s technology verifies the authenticity of identity documents and, with the consumer’s permission, matches the consumer’s face to the photo on the document by leveraging biometric algorithms for identity verification and liveness detection to detect a fraudulent submission.
