LSEG Risk Intelligence Unveils AI-Powered Verification Tools to Combat Financial Fraud

2 Sources

LSEG Risk Intelligence introduces two new products, Global Account Verification and Document and Biometric Verification, leveraging AI and deep learning to tackle financial fraud and enhance identity verification.

News article

LSEG Risk Intelligence Introduces Advanced Fraud Prevention Solutions

LSEG Risk Intelligence, a division of the London Stock Exchange Group, has unveiled two new products aimed at combating financial fraud and enhancing identity verification. These solutions, Global Account Verification (GAV) and Document and Biometric Verification (DBV), utilize artificial intelligence and deep learning technologies to address the growing challenges in the financial sector 12.

Global Account Verification: Tackling Authorized Push Payment Fraud

The Global Account Verification (GAV) system is designed to combat Authorized Push Payment (APP) fraud, a significant concern in the financial industry. Recent statistics from UK Finance reveal that £213.7 million was lost to such fraud in the UK during the first half of 2024 12.

GAV operates by verifying bank accounts and ownership in real-time across 22 countries initially, with plans to expand coverage to 80% of G20 countries in the near future. The system provides a three-tier response - "match", "close match", or "no match" - allowing organizations to make informed decisions and instill confidence in their payment processes 12.

Document and Biometric Verification: Combating Deepfake Fraud

As synthetic media and deepfakes increasingly threaten digital identity, LSEG's Document and Biometric Verification (DBV) system offers a robust solution. DBV combines facial recognition, document screening, and liveness detection, powered by advanced AI and deep learning capabilities 12.

The system can verify over 16,000 types of identity documents from more than 220 countries, supporting over 140 languages and typesets. This comprehensive coverage enables secure and scalable identity verification, crucial in an era of sophisticated digital fraud 12.

Regulatory Compliance and Industry Impact

These new tools align with recent regulatory changes in the UK and EU. New rules mandate 24/7 instant payments for all payment service providers within the EU bloc starting January 2025, with mandatory account name and IBAN account number checks for Eurozone payment service providers from October 2025 12.

Both GAV and DBV are available via API, allowing seamless integration into existing systems. This feature enables organizations, including multinational corporations, financial institutions, and fintechs, to streamline their payment and identity verification workflows while enhancing fraud prevention measures 12.

Industry Perspective

Ramesh Menon, Group Director of Product Management for Digital Identity & Fraud at LSEG Risk Intelligence, emphasized the evolving nature of fraud: "Fraudsters are constantly innovating; and operating with greater sophistication and scale than ever before. As bad actors target vulnerabilities across multiple points of the client and vendor workflows, we are continuously investing in robust, data-driven solutions to help customers mitigate global payments and identity risk with greater assurance" 12.

The introduction of these AI-powered verification tools represents a significant step in the ongoing battle against financial fraud, offering enhanced protection for businesses and customers alike in an increasingly digital financial landscape.

Explore today's top stories

NVIDIA's Next-Gen 'Rubin' AI Architecture: A Revolutionary Leap in Compute Technology

NVIDIA CEO Jensen Huang confirms the development of the company's most advanced AI architecture, 'Rubin', with six new chips currently in trial production at TSMC.

TweakTown logoWccftech logo

2 Sources

Technology

22 hrs ago

NVIDIA's Next-Gen 'Rubin' AI Architecture: A Revolutionary

Databricks Acquires Tecton to Enhance AI Agent Capabilities

Databricks, a leading data and AI company, is set to acquire machine learning startup Tecton to bolster its AI agent offerings. This strategic move aims to improve real-time data processing and expand Databricks' suite of AI tools for enterprise customers.

Reuters logoEconomic Times logoMarket Screener logo

3 Sources

Technology

22 hrs ago

Databricks Acquires Tecton to Enhance AI Agent Capabilities

Google Offers Free Weekend Access to Gemini's Veo 3 AI Video Generation Tool

Google is providing free users of its Gemini app temporary access to the Veo 3 AI video generation tool, typically reserved for paying subscribers, for a limited time this weekend.

Android Police logo9to5Google logoTechRadar logo

3 Sources

Technology

14 hrs ago

Google Offers Free Weekend Access to Gemini's Veo 3 AI

Broadcom Rides AI Wave: Stock Surges Amid Tech Giants' Infrastructure Investments

Broadcom's stock rises as the company capitalizes on the AI boom, driven by massive investments from tech giants in data infrastructure. The chipmaker faces both opportunities and challenges in this rapidly evolving landscape.

Benzinga logoThe Motley Fool logo

2 Sources

Technology

22 hrs ago

Broadcom Rides AI Wave: Stock Surges Amid Tech Giants'

Apple Expands Enterprise AI Support with New ChatGPT Configuration Options and Beyond

Apple is set to introduce new enterprise-focused AI tools, including ChatGPT configuration options and potential support for other AI providers, as part of its upcoming software updates.

TechCrunch logo9to5Mac logo

2 Sources

Technology

22 hrs ago

Apple Expands Enterprise AI Support with New ChatGPT
TheOutpost.ai

Your Daily Dose of Curated AI News

Don’t drown in AI news. We cut through the noise - filtering, ranking and summarizing the most important AI news, breakthroughs and research daily. Spend less time searching for the latest in AI and get straight to action.

© 2025 Triveous Technologies Private Limited
Instagram logo
LinkedIn logo