LSEG Risk Intelligence, a key player focused on compliance, risk management and fraud prevention solutions, announced the launch of products in order to enhance financial security as well as drive significant operational efficiencies on a international scale.
Global Account Verification reportedly checks payee and account details match before transfers are said to be confirmed.
Document and Biometric Verification leverages AI along with deep learning to carry out identity checks with accuracy.
The products should help organizations, including multinational corporations, financial institutions and fintechs, defend their businesses and protect customers from “increasingly sophisticated fraud techniques, while streamlining payment and identity verification workflows.”
Payment fraud is high on the priority list with a report from UK Finance revealing £213.7 million being “lost in the UK in the first half of 2024.”
Regulatory agencies are also stepping up with recent rules on reimbursements for victims for APP fraud in the United Kingdom as well as the European Union.
It requires payment service providers (PSPs) within the bloc offer 24/7 instant payments beginning Jan 2025. Additionally, account name and IBAN account number checks will be mandatory from Oct 2025 for Eurozone payment service providers.
GAV helps organizations protect customers by enabling real-time verification of bank accounts and ownership across 22 countries.
It verifies payments reach the correct recipients by querying account information with a “match”, a “close match” and a “no match”.
This insight allows customers to make “better decisions” and to pay with confidence and trust.
In the near-future, coverage of GAV will “expand to 80% of G20 countries.”
As synthetic media such as deepfakes increasingly impact digital identity, verifying customer identities has become “crucial to prevent fraud and remain complaint.”
DBV reportedly combines facial recognition, document screening, and liveness detection, “underpinned by advanced AI and deep learning capabilities.”
This confirms identities using biometric data as well as government-issued documents.
DBV covers more than 16,000+ identity documents from 220 countries, in over 140 languages and typesets, “enabling secure and scalable identity verification.”
Both solutions are available via API, meaning that the organizations are able to integrate account data into their systems driving efficiencies.
LSEG Risk Intelligence provides a suite of solutions to help organizations efficiently navigate risks, avoid reputational damage, reduce fraud and ensure legal and regulatory compliance around the globe.
From screening solutions via World-Check, to background checks on any entity or individual via due diligence reports, and identity verification, account verification and digital onboarding services – you can rely on them to help you manage your risk, so you can “operate more efficiently, more effectively and more confidently.”