30 October 2024

LSEG Risk Intelligence unveils two new verification solutions to combat advanced fraud techniques globally

Written By FinTech Alliance in FinTech

LSEG Risk Intelligence unveils two new verification solutions to combat advanced fraud techniques globally

LSEG Risk Intelligence has introduced two cutting-edge verification tools to counteract global fraud, enhancing financial security and aiding businesses in regulatory compliance. Global Account Verification (GAV) ensures recipient account details match before payment completion, helping prevent Authorized Push Payment (APP) fraud—a pressing issue, with UK losses alone reaching £213.7 million in early 2024. This tool initially serves 22 countries and will expand to cover 80% of G20 nations, aiding organizations in real-time verification for secure transfers.

Document and Biometric Verification (DBV) uses AI-powered facial recognition and document checks to prevent identity fraud, particularly deepfake-enabled fraud. Covering over 16,000 document types across 220+ countries, DBV offers comprehensive identity verification through secure, API-integrated processes. These tools empower financial institutions, multinational corporations, and fintech firms to combat advanced fraud with increased confidence.

Ramesh Menon, LSEG's Group Director, emphasized the ongoing adaptation to fraud tactics, stating, “Fraudsters are constantly innovating… we are continuously investing in robust, data-driven solutions to help customers mitigate global payments and identity risk with greater assurance.”

- Both GAV and DBV align with evolving regulatory demands, such as mandatory 24/7 instant payments and name checks in the Eurozone by 2025, ensuring businesses remain compliant as global financial regulations become more stringent.

 - The API-based design of both tools allows companies to seamlessly incorporate these verification processes into existing systems, promoting efficiency and adaptability within diverse operational frameworks.

 - DBV is particularly valuable in combating rising identity fraud linked to synthetic media like deepfakes, a growing concern as technology makes identity manipulation more sophisticated and difficult to detect.

Read more here

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