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A holistic approach to fighting financial crime

James Mirfin
James Mirfin
Global Head of Digital Identity & Financial Crime

Refinitiv has announced a new risk management solution that sees the development of a powerful new combination of World-Check and the EPIC Platform from GIACT to effectively manage and help mitigate risk throughout the customer lifecycle and combat financial crime.


  1. COVID-19 has created higher levels of risk as the pace of the digital revolution accelerated, and financial crime has increased accordingly.
  2. These risks include cyber security, identity theft, fraud and money laundering.
  3. Refinitiv’s risk solutions, including Qual-ID and World-Check, have been complemented by the integration with GIACT’s EPIC Platform.

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Since acquiring GIACT, Refinitiv has invested to combine GIACT’s market-leading EPIC Platform and Refinitiv’s substantial risk management capabilities – including our proprietary World-Check risk intelligence database – in the process creating a powerful solution, delivered via a single API for fighting fraud and risk.

The acquisition of GIAC boosts Refinitiv’s existing risk and compliance capabilities with the addition of an industry leader in digital identity, payments verification and fraud prevention. A holistic approach to fighting financial crime

The announcement comes at a critical time for many organisations.

Risk levels are rising in the wake of COVID-19, which served to accelerate the digital revolution that was already sweeping the globe and impacting every organisation at some level.

Specific risks facing organisations. A holistic approach to fighting financial crime

Refinitiv combines GIACT’s EPIC Platform with World-Check to help protect the consumer lifecycle

COVID-19, digitalisation and the risk landscape

The sudden surge in online activity that was ushered in as the pandemic tightened its grip led to steep rises in online crime, fraud and identity theft, as criminals sought to exploit new opportunities to generate illicit profits.

Some of the specific risks facing organisations include:

  • Cyber security risks, which can result in financial losses, reputational damage, critical supply chain disruption, and regulatory enforcement, to name but a few.
  • Identity theft, which has far-reaching consequences According to GIACT, identity theft accounted for losses of $712.4bn in the U.S. in 2020, up 42 percent from 2019.
  • Fraud, which can also quickly result in financial and reputational damage, as well as the erosion of shareholder value.
  • Money laundering, a persistent scourge, which can lead to irreparable organisational harm.

Integrated capabilities

Refinitiv has a lengthy history or delivering leading-edge data and solutions to help organisations fight back against these financial crimes.

Qual-ID, our holistic digital identity solution, verifies identity using trusted sources. The solution also proofs legal documents and screens for regulatory and financial risk in one transaction, via one API to help compliance teams pinpoint potential financial crime-related risk and make better risk-related decisions, whilst also reducing friction for the consumer.

Our proprietary World-Check risk intelligence database delivers accurate, reliable screening data researched and collated by hundreds of specialist researchers and analysts across the globe. Where risk is detected, or suspected, our enhanced due diligence (EDD) reports provide research and deep insights into the financial, legal and reputational standing of subjects.

The addition of GIACT’s capabilities has significantly complemented Refinitiv’s existing risk mitigation solutions, and we are now able to offer a truly comprehensive platform, incorporating substantial human expertise, and technical know-how into a highly available, scalable solution to combat fraud, identity theft, money-laundering and payment-related crimes.

GIACT has over 16 years of experience in payments, risk and fraud, with extensive experience in protecting organisations from payment and identity fraud. GIACT’s EPIC Platform delivers “a complete set of enrolment, payment, identity, compliance, and mobile solutions”.

As one of the leading players in payment fraud prevention in the U.S., the company has access to privileged and proprietary data in the U.S. market and, like Refinitiv, is able to deliver trusted data at scale.

Watch: Refinitiv acquires GIACT to build end-to-end security

How will this solution help combat financial crime?

The integration has created a holistic, industry-leading solution to risk mitigation throughout the customer lifecycle across payments, identity and vendor fraud, money laundering, bribery and corruption, and more.

The combined expertise of two industry leaders, both focussed on developing and delivering the latest technology, means that we are well-placed to respond to emerging risks in a dynamic environment. These include identity theft, synthetic identity fraud, true name fraud, account takeover and business email compromise.

This new integrated offering boosts efficiency and is cost-effective by delivering enrolment, payment, identity, compliance, screening and mobile solutions in real-time through a single API. It is also available via batch, or a portal.

Refinitiv remains committed to delivering substantial, tangible help to organisations as they navigate the plethora of ongoing challenges presented by digitally enabled crime.

We believe that this new solution, which combines comprehensive data, analytics and human expertise from two market leaders, will enable you to make better, more informed decisions to mitigate risk across your organisation.

Refinitiv combines GIACT’s EPIC Platform with World-Check to help protect the consumer lifecycle