London Stock Exchange Group ( LSEG ) has introduced two innovative verification solutions designed to combat the rising tide of payment fraud and identity theft in international banking .

The launch addresses growing concerns over financial crime while helping institutions adapt to tightening global regulations .

The first solution , Global Account Verification ( GAV ), tackles authorised push payment ( APP ) fraud by providing real-time verification of bank account ownership across 22 countries .

LONDON STOCK EXCHANGE GROUP PLC ( LSEG )

HEADQUARTERS : LONDON , UK NUMBER OF EMPLOYEES : 23,000 + REVENUE : £ 7.19BN ( US $ 9.1BN ) ( 2023 ) NUMBER OF COUNTRIES : 70 +

Using a three-tier assessment system , GAV categorises transfers as “ match ,” “ close match ,” or “ no match ,” helping prevent fraudulent transactions . The timing is crucial , as APP fraud losses reached £ 213.7m in the first half of 2024 in the UK alone . The second tool , Document and Biometric Verification ( DBV ) combines facial recognition with document screening and liveness detection to fight deepfake fraud in digital banking .

The system can authenticate over 16,000 types of identity documents across 220 countries in 140 languages , providing comprehensive coverage for international financial institutions .

Both solutions are available through API integration , allowing seamless implementation into existing banking systems .

LSEG plans to expand GAV coverage to 80 % of G20 nations , positioning these tools as key components in the global fight against financial crime while helping institutions meet new regulatory requirements for instant payments and account validation .

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