Buguroo rebrands as Revelock, launches behavioral biometrics platform and advisory board
Buguroo is now known as Revelock, in a rebranding by the company announced along with a new advisory board and a new platform for fraud detection and response, utilizing its behavioral biometrics and hybrid AI for continuous know your user, or ‘KYU’ verification.
The new Revelock Fraud Detection & Response (FDR) Platform provides all-in-one protection for web and mobile banking apps, the company says, with enhanced response capabilities delivered by bugFraud, which it characterizes as its previous flagship product.
The platform combines behavioral biometrics, network and device assessment with its hybrid AI to build a ‘BionicID’ digital fingerprint for the user. This is the KYU users are continuously verified against, and Revelock’s user models, population-based models and bad actor models are continuously updated to boost organizations’ ability to accurately detect bad actors and protect legitimate users without adding friction to the customer journey.
Revelock provides active defense, with full control over client-side automated risk mitigation for fraud analysts consisting of a Malware Blocker, Phishing Blocker and mRAT Blocker, as well as pre-emptive defense, which is comprised of Revelock Hunter (previously known as Fraudster Hunter) and the new Revelock Mule Disruption Services.
The company says it prevents account takeover (ATO) attacks and provides silent stepped-up multifactor authentication (MFA) to block new account and card not present fraud.
The advisory board will be led by cybersecurity industry veteran Monica Pal, who lauded Revelock’s technology for its always-on, adaptive capabilities which she says make it too frustrating and expensive for fraud attackers to continue their attempts. The advisory board also includes Dr. Selim Aissi, Janet Rathod, Doug Dangremond, Millicent Tracey and Al Pascual.
The six advisors will contribute expertise in IT, financial services and digital identity to help Revelock proactively protect banks, fintechs and customers from ever-more sophisticated online fraud.
“Losses due to stolen personally identifiable information and credentials will grow to $635.4 billion USD by 2023” comments Aite Group Research Director Julie Conroy. “Revelock’s innovative account takeover solution can help financial institutions keep pace with the constantly evolving threats, and achieve their goals to stay top-of-wallet, improve operational efficiencies and reduce fraud.”
“We were pioneers in using behavioral biometrics to fight fraud,” says Revelock CEO and Founder Pablo de la Riva. “This is a major milestone for the company as we once again lead the industry with an active defense approach and automation of both fraud detection and response.”
The company raised $11 million in Series A funding as buguroo in 2019 to fuel the international expansion of its behavioral biometrics software.