Refinitiv to add fraud prevention capability with acquisition of GIACT


Refinitiv has signed a definitive agreement to acquire Giact Systems, LLC (“GIACT”) boosting Refinitiv’s existing risk and compliance capabilities with the addition of an industry leader in digital identity, payments verification and fraud prevention.

The acquisition of GIACT comes at a time when organisations are challenged by the rapid growth in digitalization accelerated by the emergence of new fraud threats, global connectivity and world events such as the Covid-19 pandemic. These factors are forcing improvements to fraud prevention and compliance procedures, as well as a move towards more holistic solutions for digital identity verification, fraud prevention and anti-money laundering.

GIACT has grown rapidly since it was founded in Texas in 2004 and now has over 100 employees supporting more than 1,000 leading blue-chip companies, payment merchants, financial and insurance customers.  GIACT enables organizations across the United States to combat payments fraud, account takeovers and identity theft, which facilitates faster and more secure transactions.

GIACT’s platform approach and unique analytics enable risk insights to be generated from the aggregation of proprietary and extensive third-party data sources.  The platform enables customers to identify potential fraud related risk in real time for hundreds of millions of transactions across the customer lifecycle. Its platform is designed to provide a seamless digital experience for customers by ensuring that only high-risk transactions are flagged for attention, a critical element in effectively meeting Know Your Customer obligations and in the adoption of digital payments and services.

Refinitiv will integrate GIACT’s offerings into its risk and compliance business, alongside leading products and services including World-Check, Qual-ID and its recently expanded Enhanced Due Diligence service.

The addition of GIACT’s fraud prevention capabilities brings new offerings to Refinitiv’s customers by enhancing and broadening Refinitiv’s digital identity verification and document proofing solution, Qual-ID. GIACT’s extensive US data assets and Refinitiv’s international identity data provide customers a global platform to address identity theft. Customers will also benefit from access to GIACT’s platform alongside Refinitiv’s World-Check risk intelligence data, offering an end-to-end fraud prevention, identity verification and compliance platform that addresses money-laundering risks in addition to preventing monetary loss through fraud.

“The nature of financial crime, including fraud tactics is rapidly evolving and becoming more sophisticated. This presents significant challenges for organizations as they embrace online transactions and digital onboarding of customers,” said Phil Cotter, Managing Director, Risk at Refinitiv. “With the addition of GIACT, we can bring customers a comprehensive platform to address fraud, identity theft, money-laundering and payment-related crimes. I’m excited at the prospect of combining the expansive data sets, powerful analytics and human expertise of both organisations to the benefit of our customers, and I look forward to welcoming GIACT to Refinitiv.”

“Refinitiv has a strong global presence and a clear vision of how to respond to the growing demand from customers in the risk and compliance space,” said Melissa Townsley-Solis, co-founder and CEO at GIACT. “Through this combination, Refinitiv and GIACT will bring to market a unique platform that can address the complete customer lifecycle, regardless of industry, marking an industry first. We’re thrilled that GIACT will be part of that vision and we look forward to the next phase of growth for our business.”

The transaction is subject to customary closing conditions and is expected to close before the end of the year.

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