It was announced in November that Lexis Nexis Risk Solutions had partnered with self-sovereign identity (SSI) firm Nuggets. SSI is still considered immature in terms of deployment, but the two firms outlined how it can be useful now. That’s before we reach the stage where government departments issue verifiable credentials like driver’s licenses, as is happening already in South Korea.
Lexis Nexis Risk Solutions (LNRS) has more than 8,700 employees. Banks are an important sector where the firm helps with identity, know your customer (KYC) and other solutions.
“All financial services are interested in how do they stop this scourge of financial crime whether it be push payment fraud or whatever,” Matthew Fitzgerald, Senior Product Leader at Lexis Nexis Risk told Ledger Insights in an interview. Push payment involves a seemingly legitimate invoice being sent for payment, but the money goes to the fraudster’s bank account.
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