LexisNexis Risk Solutions, a division of RELX, has agreed to acquire IDVerse, an Australian provider of artificial intelligence (AI)-powered automated document authentication and fraud detection solutions.
The financial terms of the deal were not disclosed.
Once the acquisition is completed, IDVerse will become part of the LexisNexis Risk Solutions business services unit.
Launched commercially in 2018, IDVerse specialises in using AI to combat fraud and deepfakes.
Its proprietary deep neural network technology verifies the authenticity of identity documents and, with consumer consent, matches an individual’s face to the photograph on their document using biometric algorithms. This process also incorporates liveness detection to identify fraudulent submissions.
The company’s technology supports the verification of over 16,000 types of identity documents globally and serves organisations across various industries, including the public sector.
IDVerse CEO John Myers said: “LexisNexis Risk Solutions has been at the forefront of enabling compliance and lowering risk for businesses worldwide for decades.
“We’re looking forward to seeing the impact our combined solutions and technology can make in improving outcomes for our clients against a fast-changing risk landscape.”
LexisNexis Risk Solutions has been delivering document authentication solutions since 2005 and offers advanced technology, analytics, and global data networks.
The integration of IDVerse’s capabilities is set to enhance the company’s existing offerings, particularly in addressing fraud threats driven by AI
IDVerse’s technology is already available through LexisNexis Risk Solutions’ platform under a previous alliance agreement.
The acquisition will further embed these capabilities into the company’s suite of services, providing organisations with a comprehensive toolset to address evolving fraud challenges.
IDVerse’s self-learning AI technology, which updates its fraud models automatically, will enable faster responses to emerging fraud schemes and enhance identity verification accuracy.
Additionally, the integration will expand LexisNexis Risk Solutions’ global approach to document authentication, improving its defences against AI-generated fraud.
LexisNexis Risk Solutions business services CEO Rick Trainor said: “AI-powered solutions are necessary to counter the threat of AI-generated fraud attacks, including deepfakes.
“Integrating IDVerse’s advanced and complementary technology will further enhance our ability to provide the risk insights our clients need to defend against bad actors today and into the future – regardless of where our clients are in the world or where they do business.”
Beyond the technological advancements, the acquisition seeks to promote societal benefits, including improved consumer protection, enhanced financial inclusion for trusted users, and stronger risk management for organisations worldwide.
The transaction is subject to customary regulatory approvals and is expected to be closed in early 2025.
