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Combating Deepfakes: LSEG Introduces Advanced Identity Verification

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As fraud techniques become more advanced, organizations worldwide are grappling with the challenge of securing financial transactions and verifying identities effectively. In response, London Stock Exchange group (LSEG) Risk Intelligence has introduced two new solutions aimed at strengthening defences against sophisticated fraud: Global Account Verification (GAV) and Document and Biometric Verification (DBV).

Payment fraud remains a significant concern, with UK Finance reporting losses of £213.7 million in the UK during the first half of 20241. In an effort to combat this, regulatory bodies in the UK and the EU are implementing new rules for reimbursing victims of Authorized Push Payment (APP) fraud. Starting January 2025, all payment service providers within the EU are required to offer 24/7 instant payments, and by October 2025, mandatory checks of account names and IBAN numbers will be in place for Eurozone providers2.

Global Account Verification: Enhancing Payment Security

GAV is designed to tackle APP fraud by enabling real-time verification of bank accounts and ownership across an initial 22 countries. The system cross-references account information to provide a “match,” “close match,” or “no match,” allowing organizations to confirm that payments reach the intended recipients. LSEG Risk Intelligence plans to expand GAV’s coverage to include 80% of G20 countries in the near future3.

The rise of synthetic media and deepfakes has made identity verification more challenging. DBV combines facial recognition, document screening, and liveness detection using advanced AI and deep learning technologies. This solution supports over 16,000 identity documents from more than 220 countries, in over 140 languages and typesets, facilitating secure and scalable identity verification processes.

Integration and Operational Efficiency

Both GAV and DBV are available via API, enabling seamless integration into existing systems and workflows. This is crucial for organizations aiming to enhance security measures without disrupting operational efficiency.

“Fraudsters are constantly innovating and operating with greater sophistication than ever before,” says Ramesh Menon, Group Director of Product Management for Digital Identity & Fraud at LSEG Risk Intelligence. “As bad actors exploit vulnerabilities across client and vendor workflows, investing in robust, data-driven solutions is essential to mitigate global payments and identity risks.”

By introducing these new tools, LSEG Risk Intelligence aims to assist multinational corporations, financial institutions, and fintech companies in defending against fraud while complying with evolving regulatory obligations.

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