Latest news with #LSEGRiskIntelligence
Daily Mirror
11 hours ago
- Business
- Daily Mirror
‘I owed £300,000 in debts after my identity was stolen age 6'
A quarter of children will have their identities stolen before the turn 18, according to new research Renata Galvão faced the daunting task of paying off $400,000 (£295,000) in debts that weren't hers throughout her early adulthood after her identity was stolen at the tender age of six. A relative had convinced her mother to authorise this fraudulent use at the time. "I do not blame her for a second, she was coerced and told information that was not true. I'm choosing to speak up now, so no one else has to go through what I did," she remarked as part of LSEG Risk Intelligence's 'One in Fifty' documentary film. Renata's predicament shows a growing pattern with fraudsters exploiting children's clear financial history, causing havoc that can go unnoticed for many years. She continued: "I was only six years old when my identity was stolen and for years, I had no idea. By the time I started work, it was already too late." In Renata's case, her identity was used to establish businesses which later failed, leaving her as the unwitting 'legal owner' saddled with the debt. She recounted visits from debt collectors during her childhood, who were astonished to learn their supposed debtor was merely a child. Accumulating over $400,000 (£295,000) in debts that weren't hers still annihilated Renata's credit score and wreaked financial ruin. The full magnitude of her ordeal, however, was only uncovered when she reached 18. She said: "When I turned 18, was working, opened a bank account and bought a car, everything that happened during my childhood came crashing down on me all of a sudden. I now had a financial life, and those things could be taken away from me. They froze my assets and took my savings to pay off the debts." For many young victims, pursuing legal action against the perpetrator is the only recourse for clearing their names. But that wasn't an option for Renata because her mother, despite also being a victim, could have faced charges due to her involvement. Renata, alongside her mother, spent ten years repaying the debt until she was 28 instead. Alarmingly, an LSEG Risk Intelligence report indicates that child identity theft is an escalating problem, not an isolated case like Renata's. Identity theft has increased by 13% since last March, with the US Federal Trade Commission revealing a 40% surge between 2021 and 2024. To shed light on this disturbing trend, Renata shares her story in the newly released documentary One in Fifty. The film aims to raise awareness among consumers and financial organisations of the severity and prevalence of child identity theft in the US. Now a risk and compliance professional at LSEG, Renata commented: "Globally, there are entire systems in place to protect children from physical or sexual abuse from a family member. But no such system exists for protecting children from financial abuse. No one should have a say in my financial life other than myself." David White, Global Head of Product & Data, LSEG Risk Intelligence, cautioned: "Since Renata's ordeal over twenty years ago, fraudsters have become more sophisticated, using AI and social engineering to target the most vulnerable. "Children are being targeted because they know our systems weren't designed to spot them. This has to change. No one organisation can fix this alone - it's going to take the entire industry working together to protect the most vulnerable among us." LSEG Risk Intelligence is calling on financial institutions to adopt new safeguards to shield customers from the severe consequences of identity theft and fraud, as outlined in their latest report. The recommendations include introducing checks to confirm a person's age and identity, along with multi-factor authentication for individuals lacking a credit history. The report also notes that 25% of children will have their identity stolen, at an average age of just eight, and 73% of victims know the perpetrator. The majority of these victims face financial fraud being lodged against them, but a small percentage are also left with a criminal record for offences they didn't commit.
Yahoo
07-03-2025
- Business
- Yahoo
LSEG Risk Intelligence broadens availability of global account verification service
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. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Zawya
04-03-2025
- Business
- Zawya
LSEG Risk Intelligence launches Global Account Verification to tackle cross-boarder payment fraud in APAC and EMEA
Helping companies validate supplier and customer payments 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@ 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: 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.
