In an era where financial security is paramount, LSEG Risk Intelligence has taken a significant leap forward by unveiling two groundbreaking products aimed at enhancing compliance, risk management, and fraud prevention. These innovative solutions are designed to bolster operational efficiencies and protect organizations from increasingly sophisticated fraud techniques. With the launch of Global Account Verification (GAV) and Document and Biometric Verification (DBV), LSEG Risk Intelligence is poised to revolutionize the way businesses approach financial security on a global scale.

LSEG Risk Intelligence: A Leader in Financial Security

LSEG Risk Intelligence stands at the forefront of compliance and risk management, offering cutting-edge solutions that address the evolving challenges of fraud prevention. The recent launch of GAV and DBV underscores the organization’s commitment to providing organizations—including multinational corporations, financial institutions, and fintechs—with the tools they need to safeguard their operations and customers.

Global Account Verification (GAV): Combatting Authorized Push Payment Fraud

One of the most pressing issues in the financial sector today is payment fraud. A recent report from UK Finance revealed that a staggering £213.7 million was lost to fraud in the UK during the first half of 2024. This alarming statistic highlights the urgent need for effective solutions to combat fraud, particularly Authorized Push Payment (APP) fraud.

GAV is designed to address this issue head-on. By enabling real-time verification of bank accounts and ownership across an initial 22 countries, GAV ensures that payments reach the correct recipients. The system queries account information to provide a “match,” “close match,” or “no match.” This valuable insight empowers customers to make informed decisions and pay with confidence.

As regulatory bodies ramp up their efforts to combat payment fraud, GAV aligns with new rules requiring payment service providers in the UK and EU to implement 24/7 instant payments starting January 2025. Furthermore, mandatory account name and IBAN checks will be enforced from October 2025 for Eurozone payment service providers. These regulations underscore the importance of robust verification processes in the fight against fraud.

Document and Biometric Verification (DBV): A Shield Against Deepfake Fraud

As technology evolves, so do the tactics employed by fraudsters. The rise of synthetic media, particularly deepfakes, poses a significant threat to digital identity verification. In this landscape, LSEG Risk Intelligence’s Document and Biometric Verification (DBV) solution becomes indispensable.

DBV combines advanced technologies such as facial recognition, document screening, and liveness detection, all powered by AI and deep learning capabilities. This multifaceted approach allows for swift and accurate identity confirmation using biometric data and government-issued documents. With coverage of over 16,000 identity documents from more than 220 countries, in over 140 languages, DBV ensures secure and scalable identity verification.

By integrating DBV into their systems, organizations can effectively combat deepfake-enabled fraud and enhance their compliance with regulatory requirements. The availability of both GAV and DBV via API allows for seamless integration into existing workflows, driving operational efficiencies.

The Impact of Fraud on Financial Institutions

The financial sector is increasingly vulnerable to fraud, with criminals employing sophisticated techniques to exploit weaknesses in payment systems. According to a report by UK Finance, the rise of APP fraud has prompted financial institutions to reevaluate their security measures. As fraudsters continue to innovate, organizations must adopt proactive strategies to protect their assets and customers.

The implementation of solutions like GAV and DBV not only helps mitigate these risks but also fosters trust among customers. By ensuring that payments are verified and identities are authenticated, organizations can enhance their reputation and maintain customer loyalty.

Regulatory Landscape: Preparing for Change

The regulatory landscape surrounding payment fraud is evolving rapidly. As highlighted earlier, new rules are set to take effect in the UK and EU, mandating instant payments and stringent verification processes. These regulations aim to protect consumers and ensure that payment service providers are held accountable for fraud prevention.

Organizations must stay ahead of these changes by adopting advanced technologies that meet regulatory requirements. LSEG Risk Intelligence’s GAV and DBV solutions are designed to help businesses navigate this complex landscape, ensuring compliance while enhancing their fraud prevention capabilities.

The Future of Fraud Prevention: Innovation and Adaptation

In the fight against fraud, innovation is key. Ramesh Menon, Group Director of Product Management for Digital Identity & Fraud at LSEG Risk Intelligence, emphasizes the importance of continuous investment in data-driven solutions. He states, “Fraudsters are constantly innovating; and operating with greater sophistication and scale than ever before.” This acknowledgment of the evolving nature of fraud underscores the necessity for organizations to adapt and evolve their security measures.

As LSEG Risk Intelligence continues to develop and refine its products, businesses can expect enhanced protection against emerging threats. The integration of AI, deep learning, and biometric verification will play a crucial role in shaping the future of fraud prevention.

Real-World Applications of GAV and DBV

The implementation of GAV and DBV has far-reaching implications for various sectors. Multinational corporations, financial institutions, and fintech companies stand to benefit significantly from these solutions. By streamlining payment and identity verification workflows, organizations can reduce operational costs and enhance customer experiences.

For instance, a multinational corporation conducting cross-border transactions can utilize GAV to ensure that payments are directed to the correct accounts, minimizing the risk of fraud. Similarly, fintech companies can leverage DBV to verify customer identities swiftly, ensuring compliance with regulatory requirements while providing a seamless user experience.

Conclusion: A New Era of Financial Security

The launch of LSEG Risk Intelligence’s innovative solutions—Global Account Verification and Document and Biometric Verification—marks a transformative moment in the realm of financial security. As organizations face increasingly sophisticated fraud techniques, these products provide essential tools to protect customers and streamline operations.

By embracing advanced technologies and adapting to the evolving regulatory landscape, businesses can safeguard their interests and enhance their reputations. The future of financial security lies in proactive measures and innovative solutions, and LSEG Risk Intelligence is leading the charge.tly 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.”

Source: LSEG Risk Intelligence –> Full article and more