Revelock adds behavioral biometrics to Veritran platform to fight financial fraud
Revelock has formed a partnership with Veritran to deliver the former’s behavioral biometrics-based online fraud detection and response from the latter’s Enterprise Low-Code Platform. The partnership is designed to reduce fraud losses among digital banks and call center costs, by enabling ‘Active Defense,’ the companies say.
Veritran is integrating Revelock’s Fraud Detection & Response (FDR) Platform into its security suite for continuous user identity verification and automatic protection from malware, phishing, and account takeovers, running unobtrusively in the background.
Revelock’s technology creates a ‘BionicID’ for each user with behavioral biometrics and hybrid AI, according to the company, enabling financial institutions to detect anomalies created by threats at a granular level, and to configure automated responses to fraud.
“Fraudsters are getting more sophisticated – both in the technologies they deploy and the psychological tricks they play on people – so banks must get one step ahead of them by using the best possible online fraud prevention technologies available today,” says Omar Arab, head of Global Strategic Alliances at Veritran. “Revelock offers just that, and its anti-fraud technology is already widely deployed by leading banks in Europe and Latin America. We are pleased to be teaming up with the Revelock team to offer its industry-leading behavioural biometrics solutions to banks.”
Veritran says millions of transactions are completed daily on its platform, which facilitates the fast development of applications and new functionalities.
“We’re delighted to partner with Veritran to make our game changing online fraud prevention platform more quickly and easily accessible,” comments Pablo de la Riva Ferrezuelo, CEO at Revelock. “The Veritran Enterprise Low-Code Platform combined with the Revelock Fraud Detection & Response Platform will enable financial services and fintech companies to quickly, simply and safely develop and deploy omnichannel digital banking applications that offer uninterrupted customer experiences while reducing fraud losses and call center costs.”
Veritran also announced a partnership with Veridas this week for low-code implementation of face and voice biometrics.
Revelock’s FDR Platform was recently selected by financial services consultancy Sionic to deliver fraud protection through behavioral biometrics.