LSEG Risk Intelligence has unveiled two groundbreaking verification solutions aimed at enhancing financial security and efficiency worldwide, addressing the growing threat of advanced fraud techniques. The new products—Global Account Verification (GAV) and Document and Biometric Verification (DBV)—are designed to protect businesses and their customers from increasingly sophisticated fraud.
Global Account Verification focuses on preventing Authorized Push Payment (APP) fraud, which has seen significant losses, with UK Finance reporting £213.7 million lost in the first half of 2024. With upcoming regulatory requirements mandating real-time account verification, GAV allows organisations to verify bank account ownership and details in real-time across an initial 22 countries. By checking for “match,” “close match,” or “no match” statuses, GAV ensures payments reach the correct recipients, instilling confidence in the payment process. The service is set to expand to cover 80% of G20 countries in the future.
Document and Biometric Verification tackles the challenges posed by deepfake technology, which complicates identity verification. This solution utilizes advanced AI and deep learning to conduct comprehensive identity checks by combining facial recognition, document screening, and liveness detection. Covering over 16,000 identity documents from more than 220 countries, DBV enables swift and accurate identity verification in over 140 languages and typesets.
Both verification solutions are available via API, allowing seamless integration into existing systems for enhanced operational efficiency.
Ramesh Menon, group director of Product Management DI&F at LSEG Risk Intelligence, emphasised the need for robust solutions, stating, “Fraudsters are constantly innovating... We continuously invest in robust, data-driven solutions to help customers mitigate global payments and identity risk with greater assurance.”
With these innovations, LSEG Risk Intelligence aims to fortify defences against fraud while ensuring compliance with both national and international regulations, ultimately enhancing security for cross-border payments.