LSEG Risk Intelligence launches Global Account Verification to tackle cross-boarder payment fraud in APAC and EMEA
Follows launch of Global Account Verification (GAV) for US customers last year
Dubai, UAE - LSEG Risk Intelligence, a leader in compliance, risk management and fraud prevention solutions, has announced the launch of Global Account Verification (GAV) in APAC and EMEA. GAV is an innovative solution which checks that payee and account details match before transfers are confirmed, protecting businesses and individuals from fraudulent transactions. The expansion of GAV globally follows the initial launch for US customers in October 2024.
GAV helps organisations protect their customers by enabling real-time verification of bank accounts and ownership across 21 countries1. It verifies whether payments will reach the correct recipients by querying account information and categorising them with a 'match', a 'close match' or a 'no match'.
The solution is designed to combat Authorised Push Payment (APP) fraud – where fraudsters trick their victims into willingly making large bank transfers to them by posing as a bank or another trusted organisation.
LSEG plans to add to the number of available countries in 2025.
Dal Sahota, Head of Trusted Payments at LSEG Risk Intelligence:
'Demand for cross-border payments creates opportunities as well as risks – particularly around APP fraud and businesses will need to stay one step in front.
'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 will continue to invest in robust, data-driven solutions to help our customers mitigate global payments and identity risk with greater assurance.'
Regulatory bodies are also stepping up with recent rules on reimbursements for victims for APP fraud in the UK and the EU. For instance, the EU's Instant Payments regulations require 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.
GAV will help organisations, including multinational corporations, financial institutions and fintechs, defend their businesses and protect customers from increasingly sophisticated fraud techniques, while streamlining payment workflows.
GAV is also available via API, meaning that organisations can seamlessly integrate account data into their systems driving efficiencies.
-Ends-
For further information
LSEG Press Office
Nsikan Edung / Tarek Fleihan
newsroom@lseg.com
www.lseg.com
Please refer to the official websites associated with these products below:
Global Account Verification | LSEG
[1] Verification of bank accounts and ownership is available across the following countries: Argentina, Bangladesh, Belgium, Brazil, China, India, Indonesia, Italy, France, Mexico, Nepal, Netherlands, Nigeria, Pakistan, Poland, South Korea, Uganda, United Kingdom, Uruguay, United States, Vietnam.
About Risk Intelligence
LSEG Risk Intelligence provides a suite of solutions to help organisations efficiently navigate risks, avoid reputational damage, reduce fraud and ensure legal and regulatory compliance around the globe. From screening solutions through World-Check, to detailed background checks on any entity or individual through due diligence reports, and innovative identity verification, account verification and digital onboarding services – you can trust us to help you successfully manage your risk, so you can operate more efficiently, more effectively and more confidently. Learn more: lseg.com/risk-intelligence.
About LSEG
LSEG (London Stock Exchange Group) is a leading global financial markets infrastructure and data provider, playing a vital social and economic role in the world's financial system. With our open approach, trusted expertise and global scale, we enable the sustainable growth and stability of our customers and their communities. We are dedicated partners with extensive experience, deep knowledge and a worldwide presence in data and analytics; indices; capital formation; and trade execution, clearing and risk management across multiple asset classes. LSEG is headquartered in the United Kingdom, with significant operations in over 60 countries across EMEA, North America, Latin America and Asia Pacific. We employ 25,000 people globally, more than half located in Asia Pacific. LSEG's ticker symbol is LSEG.
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