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Risk prevention technology provider LSEG Risk Intelligence has broadened the availability of its Global Account Verification (GAV) service.
This solution, initially launched for US customers in October 2024, is now being made available in Europe, the Middle East, Africa and Asia-Pacific.
It aims to tackle cross-border payment fraud by verifying payee and account details before confirming transfers.
This initiative safeguards businesses and individuals against fraudulent transactions, according to the London Stock Exchange Group (LSEG).
GAV enables organisations to protect their customers through verification of bank accounts and ownership across 21 countries.
It verifies payments by querying account information and categorising them as a “match,” “close match,” or “no match.”
This system is designed to combat authorised push payment (APP) fraud, where fraudsters deceive victims into making large bank transfers by impersonating trusted entities.
LSEG Risk Intelligence head of trusted payments Dal Sahota said: “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.”
LSEG looks to expand the number of available countries in the current year.
Regulatory bodies are also enhancing measures with new rules on reimbursements for APP fraud victims in the UK and the EU.
The EU's Instant Payments regulations mandate 24/7 instant payments from January 2025, with mandatory account name and IBAN checks for Eurozone providers from October 2025.
GAV supports organisations, including multinational corporations, financial institutions, and fintechs, in defending against frauds.
LSEG said the solution is available through API, allowing integration of account data into systems to drive efficiencies.
"LSEG Risk Intelligence broadens availability of global account verification service " was originally created and published by Electronic Payments International, a GlobalData owned brand.
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