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AI Meets Fraud Prevention in LexisNexis-IDVerse Acquisition

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Fraud Risk Management

LexisNexis Combines AI-Driven Document Authentication With Its Fraud Solutions

Michael Novinson (MichaelNovinson) •
December 11, 2024    

AI Meets Fraud Prevention in LexisNexis-IDVerse Acquisition
Kimberly Sutherland, vice president of fraud and identity strategy, LexisNexis Risk Solutions

LexisNexis Risk Solutions plans to purchase a London-based document authentication startup to take on the increased prevalence of deepfakes and other AI-generated fraud.

See Also: On Demand | The Dark Side of AI: Unmasking its Threats and Navigating the Shadows of Cybersecurity in the Digital Age

The Atlanta-based business unit said its proposed buy of IDVerse will enable LexisNexis Risk Solutions to use AI-driven technology to combat the rise of AI-generated fraud, according to Vice President of Fraud and Identity Strategy Kimberly Sutherland. The deal will help LexIsNexis strengthen identity verification with biometric matching and liveness detection while reducing bias and ensuring regulatory compliance.

“Acquiring IDVerse really supports our global approach for solving identity verification, and the technology fits with our pedigree around technology and analytics,” Sutherland told Information Security Media Group. “Integrating a cutting-edge tool like IDVerse allows us to help our customers become more ready for future fraud threats.”

IDVerse, founded in Australia, launched commercially in 2018, employs 111 people, and closed a $30 million Series B funding round February 2022 led by Equitable Capital. The company rebranded in May 2023 from OCR Labs to IDVerse and has been led since January 2017 by John Myers, the former CFO at LaserVision and co-founder of investment firm Halkin Ventures (see: Sift, LexisNexis Top Digital Fraud Management Forrester Wave).

Why AI-Generated Fraud Attacks Are So Vexing

Document authentication is becoming increasingly critical for fraud prevention, and she said IDVerse’s advanced AI capabilities align with LexisNexis’s technology and analytics focus. LexisNexis has been in document authentication for nearly 20 years and has partnered with IDVerse as a reseller, but she said owning IDVerse will help LexisNexis fully integrate IDVerse’s technology into its roadmap.

“Document authentication is becoming such an important aspect of a comprehensive identity proofing and fraud prevention process that we felt the need to have an even closer relationship to that technology,” Sutherland said.

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Sutherland said IDVerse stands out for its innovative use of AI, with the company’s solutions including advanced biometric matching, liveness detection to combat deepfakes, and document coverage in more than 200 countries. IDVerse emphasizes reducing bias and maintaining strong regulatory compliance, and is an ideal fit for multinational customers and industries requiring robust fraud prevention, she said.

“Their advanced technology using AI to combat fraud and deepfakes was something that we felt would help in really trying to address the future evolution of fraud attacks,” Sutherland said.

The rise of AI-generated fraud attacks created an urgent need for advanced, AI-driven fraud prevention tools. AI-generated fraud, including synthetic identities and deepfakes, is an emerging threat that traditional tools struggle to combat, Sutherland said. By leveraging AI against AI with IDVerse, she said the joint tools can address the evolving nature of fraud with greater precision and efficiency.

“They’re seeing AI attacks happening more frequently than many businesses ever would have imagined,” Sutherland said. “Having an AI-driven tool to address AI-generated fraud is really the best way that we’ve seen to be able to address that constantly evolving nature of fraud.”

How LexisNexis, IDVerse Will Come Together

Once the deal closes, IDVerse’s capabilities will be integrated into existing platforms like RiskNarrative and Dynamic Decision Platform, enhancing fraud prevention and identity proofing, Sutherland said. This will enable customers to access IDVerse tools directly through the LexisNexis platform, and offer flexible deployment options for diverse use cases, according to Sutherland (see: LexisNexis, Experian, IBM, F5 Top Fraud Reduction Tech).

“We see this as part of our full set of workflows that we offer to our customers,” Sutherland said. “Customers will be able to access the solution standalone or in combination with our verification fraud analytics solutions that are available for both physical and digital fraud detection and identification.”

IDVerse’s solutions offer enhanced fraud detection, simplified processes and broad application across the customer lifecycle. The tools can be deployed for new account openings, high-risk transactions and account changes, reducing the risk of account takeover. She said customers also can integrate IDVerse’s biometric capabilities for liveness detection, ensuring robust authentication in a variety of scenarios.

“Our customers will have the opportunity to use such a dynamic fraud detection and authentication tool, and they’ll have the ability to use something that applies across their customer base globally,” Sutherland said. “There’s just a lot of a lot of flexibility in being able to deploy the solution, and I think our customers are really excited to be able to use it in combination with the current products they use.”

She said LexisNexis offers a suite of fraud detection tools, including ThreatMetrix for device assessment, behavioral biometrics, and email risk solutions. IDVerse complements these tools by adding advanced document authentication, biometric matching and AI-powered fraud prevention. Together, the tools create an approach to fraud detection that minimizes customer friction while maximizing security.

“Our fraud intelligence tools provide scores and attributes that customers can use to determine if their identity seems to be fraudulent,” Sutherland said. “We are soon to be releasing a solution around first-party fraud as well.”





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    References:

    "Cybersecurity Market, By Component (Hardware, Solution, Service), By Security Type, By Solution, By Application (IT & Telecom, Retail, BFSI, Healthcare, Defense & Government, Manufacturing, Energy, Others), By Region Forecast to 2032". Www.Emergenresearch.Com, 2023, https://www.emergenresearch.com/industry-report/cyber-security-market. Accessed 25 May 2023.

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    Understanding cybersecurity is not just for the tech-savvy; it's for everyone. We are all potential targets for cyber threats, and comprehension of basic cybersecurity terminology can make a significant difference in safeguarding ourselves and our digital assets.

    Employing cybersecurity measures also helps to keep your digital data safe. This might include using a VPN, enabling two-factor authentication, or simply being wary of suspicious emails to prevent phishing attacks.

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