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

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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.

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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.

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