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On Thu, 31 Oct, 4:02 PM UTC
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LSEG Risk Intelligence releases new products to tackle financial fraud
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. Global Account Verification checks payee and account details match before transfers are confirmed. Document and Biometric Verification uses AI and deep learning to conduct identity checks with outstanding accuracy. Both products will 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. Global Account Verification (GAV) to tackle Authorized Push Payment (APP) fraud Payment fraud is high on the agenda with a recent report from UK Finance showing £213.7m being lost in the UK in the first half of 2024[i]. Regulatory bodies are also stepping up with recent rules on reimbursements for victims for APP fraud in the UK and the EU. It requires that all payment service providers within the bloc offer 24/7 instant payments starting January 2025. In addition, account name and IBAN account number checks will be mandatory from October 2025 for Eurozone payment service providers[ii]. GAV helps organizations protect their customers by enabling real-time verification of bank accounts and ownership across an initial 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[iii]. Document and Biometric Verification (DBV) to combat deepfake enabled fraud As synthetic media such as deepfakes increasingly impact digital identity, verifying customer identities has become crucial to prevent fraud and remain complaint. DBV combines facial recognition, document screening, and liveness detection, underpinned by advanced AI and deep learning capabilities. This swiftly confirms identities using biometric data and government-issued documents. DBV covers more than 16,000+ identity documents from over 220 countries, in over 140 languages and typesets, enabling secure and scalable identity verification. Both solutions are available via API, meaning that organizations can seamlessly integrate account data into their systems driving efficiencies. Ramesh Menon, Group Director of Product Management for Digital Identity & Fraud at LSEG Risk Intelligence, comments: "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."
[2]
LSEG Risk Intelligence unveils verification tech
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. Global Account Verification checks payee and account details match before transfers are confirmed. Document and Biometric Verification uses AI and deep learning to conduct identity checks with outstanding accuracy. Both products will 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. Global Account Verification (GAV) to tackle Authorized Push Payment (APP) fraud Payment fraud is high on the agenda with a recent report from UK Finance showing £213.7m being lost in the UK in the first half of 2024 1. Regulatory bodies are also stepping up with recent rules on reimbursements for victims for APP fraud in the UK and the EU. It requires that all payment service providers within the bloc offer 24/7 instant payments starting January 2025. In addition, account name and IBAN account number checks will be mandatory from October 2025 for Eurozone payment service providers 2. GAV helps organizations protect their customers by enabling real-time verification of bank accounts and ownership across an initial 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 3. Document and Biometric Verification (DBV) to combat deepfake enabled fraud As synthetic media such as deepfakes increasingly impact digital identity, verifying customer identities has become crucial to prevent fraud and remain complaint. DBV combines facial recognition, document screening, and liveness detection, underpinned by advanced AI and deep learning capabilities. This swiftly confirms identities using biometric data and government-issued documents. DBV covers more than 16,000+ identity documents from over 220 countries, in over 140 languages and typesets, enabling secure and scalable identity verification. Both solutions are available via API, meaning that organizations can seamlessly integrate account data into their systems driving efficiencies. Ramesh Menon, Group Director of Product Management for Digital Identity & Fraud at LSEG Risk Intelligence, comments: "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."
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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.
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 [1][2].
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 alone [1][2].
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" - when querying account information, enabling customers to make informed decisions and transfer funds with greater confidence [1][2].
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 [1][2].
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 [1][2].
Both GAV and DBV are available via API, allowing organizations to easily integrate these verification tools into their existing systems. This approach streamlines payment and identity verification workflows, enhancing efficiency while bolstering security [1][2].
The introduction of these tools comes amid increasing regulatory scrutiny. The European Union has mandated that all payment service providers offer 24/7 instant payments starting January 2025, with account name and IBAN number checks becoming mandatory for Eurozone payment service providers from October 2025 [1][2].
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" [1][2].
These new products from LSEG Risk Intelligence represent a significant step forward in the ongoing battle against financial fraud, leveraging cutting-edge AI and deep learning technologies to protect businesses and consumers alike.
Reference
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Mastercard has updated its Consumer Fraud Risk solution with AI enhancements to help UK banks better detect and prevent Authorised Push Payment (APP) fraud in real-time, ahead of new regulations requiring banks to reimburse victims.
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