LSEG Risk Intelligence has launched two new products that utilizes AI to verify identities, with the aim of strengthening anti-fraud measures and improving operational efficiencies across multinational corporations, financial institutions, and fintech firms.
The first is Global Account Verification (GAV) and the second is Document and Biometric Verification (DBV).
The GAV service, according to the company, allows real-time validation of payee details before transferring funds, in a bid to help companies mitigate the risks associated with Authorized Push Payment (APP) fraud. This comes as UK Finance unveils that APP fraud cost the UK over £213.7 million (roughly US$276.8 million) in the first half of 2024. GAV verifies bank account ownership and payment destination in 22 countries, and will soon cover 80 percent of G20 nations. The verification system has been put in place for the purpose of enabling payments to reach intended recipients by providing “match,” “close match,” or “no match” feedback.
On a deepfake fraud prevention mission
As the threat of synthetic media and deepfake-enabled fraud continues to circulate across various sectors, LSEG Risk Intelligence’s DBV combines facial recognition with AI-powered liveness detection and document screening to confirm identities using face biometrics and government-issued documents. For identity verification, the company boasts that the tool covers over 16,000 identity documents from over 220 countries, in over 140 languages and typesets.
Both products are accessible through API integration.
“Fraudsters are constantly innovating; and operating with greater sophistication and scale than ever before. As bad actors target vulnerabilities across multiple points of the client and vendor workflows, we are continuously investing in robust, data-driven solutions to help customers mitigate global payments and identity risk with greater assurance,” says Ramesh Menon, group director of product management for digital identity and fraud at LSEG Risk Intelligence.
In August this year, via a unified API, LSEG Risk Intelligence entered into a partnership with FullCircl to improve identity fraud protection for businesses, allowing customers to access over 400 data sources across 50+ countries.
Article Topics
biometric liveness detection | biometrics | deepfake detection | financial services | fraud prevention | identity verification | LSEG Risk Intelligence | selfie biometrics
