Major Story Arcs
Verity's father is Roger Willis, son of Eric Willis, the keeper of the Casket of Ancient Winters. Eric gives his son a magic ring, then leaves with the Casket. As an adult, Roger loses the ring and Verity's swallows it.
She has great difficulty in life, since she sees every lie, and even exaggerations. She feels lies everywhere. Her parents divorce. She starts to seclude herself from the world. However, when Iron Man tells everyone they need to register their powers, she does. They decide her power is insignificant enough for her to skip training, and she gets a job figuring out whether people lie on surveys. Her mother, worried that she is too lonely, urges her to try speed dating.
Verity meets the teen-aged Loki at the speed dating night, and she is able to see through his magical disguise. He is intrigued by her and her abilities, and they strike up a friendship. He later has her assist him break into the dungeons of Asgardia, having her spot illusions through images he sends her with his Stark Phone so he and Lorelei can evade them.
They continue to have various adventures together, becoming best friends, until he has to "kill himself" in order to stop his older form. However, he says he will be back. While he is gone, she researches Loki in his legendary and super-hero-era forms, and accepts that he will always be around as a story. After some time, he shows up again in a new, taller and hairier form, seeming more like a rogue and calling himself the God of Stories. Then he transforms himself into a female form, and takes her soul/story from her body. This is done in an attempt to save her from death during the Incursion event that lead up to Secret Wars and the creation of Battleworld. At the end of the Universe Loki leads the way through a doorway to what comes "next". What happen to this new version of Loki and Verity is unknown. Verity has yet to appear in the post-Secret Wars universe, and the version of Loki that is seen is different from the pre-secret wars Loki.
Powers and Abilities
Verity Willis cannot be lied to. Ever since she was a small girl, she has been able to see through any lie, from not being fooled by Santa Claus as a child, to being able to see through powerful Asgardian magic illusions. This works in person, or even in written material or recorded music. She can sense lies, exaggerations, metaphors which are figurative and not literal, or even things that are not true but the speaker believes is true.
This power comes from having swallowed her father's magic ring, made by Andvari, which allowed one to see lies. When she swallowed it, it dissolved in her throat and she gained its power as her own.