LSEG Risk Intelligence releases two new solutions to combat advanced fraud

LSEG Risk Intelligence has launched two verification solutions to help financial institutions and fintechs defend their businesses and protect their customers from “increasingly sophisticated fraud techniques”.

‘Global Account Verification’, or GAV, has been introduced by LSEG Risk Intelligence to tackle authorised push payment (APP) fraud, by checking payee and account details match before transfers are confirmed.

GAV will enable real-time verification of bank accounts and ownership across an initial 22 countries and verifies that payments are set to reach the correct recipients by querying account information with a “match”, a “close match” and a “no match”.

The new solution is currently available in the US, with plans to expand coverage of GAV to 80% of G20 countries in the future.

LSEG Risk Intelligence cited a recent report from UK Finance which revealed that £213.7 million had been lost to payments fraud in the UK in the first half of 2024.

It has launched GAV ahead of new rules which mean that account name and IBAN account number checks will be mandatory from October 2025 for Eurozone payment service providers.

On 7 October, the Payment Systems Regulator’s new APP fraud reimbursement requirement came into force in the UK.

The new ‘Document and Biometric Verification’, or DBV, solution has been launched to combat deepfake-enabled fraud.

It combines facial recognition, document screening, and “liveness” detection, underpinned by advanced AI and deep learning capabilities to confirm identities using biometric data and government-issued documents.

LSEG Risk Intelligence has claimed that DBV covers more than 16,000 identity documents from over 220 countries, in more than 140 languages and typesets.

With both solutions available via API, organisations can “seamlessly integrate” account data into their systems.

Ramesh Menon, group director of product management for digital identity and fraud at LSEG Risk Intelligence, said: “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.”

Further reading: The promise of inclusive digital identity