Feedzai adds behavioral biometrics to fraud prevention platform with Revelock acquisition
Revelock has been acquired by Feedzai to integrate its advanced behavioral biometric platform into what the latter says will be the world’s largest Financial Intelligence Network (FIN) for secure cashless transactions.
The integrated platform will be offered to financial institutions and merchants around the world to detect financial crime and proactively prevent it. The addition of biometrics for highly granular risk assessment boosts security while maintaining privacy and providing a fast customer experience, according to the announcement.
Ambitions for the integrated platform are high, with Feedzai stating its intention to pioneer third-generation machine cognition, moving past rule-based and statistical models to create an unbiased, secure and private technology for financial risk management and crime prevention.
Feedzai’s own research suggests that ATM withdrawals are down by 58 percent in the U.S. with the advent of COVID-19, and 41 percent of consumers have switched payments from cash to online or over the phone, according to Zelle. The increased use of the channel means opportunities for fraudsters, and therefore those offering technology to protect against them.
“Our goal has always been to make digital commerce safe for everyone. Adding Revelock to our clients’ arsenal changes the paradigm from securing transactions in real-time – something we were already doing – to effectively preventing crime before it happens,” states Nuno Sebastiao, CEO of Feedzai. “More than 20 percent of the world’s money flows through Feedzai, and we secure the bank accounts of one in every five people. We already knew what transactions took place for more than 800 million consumers. Revelock adds the intelligence of how a transaction takes place. Combined with the why from using Feedzai’s Responsible AI, we’re moving to the next level of machine precognition. As a result, our clients’ customers have a safe pass throughout their entire digital commerce journey, making their experience faster, more private, and more secure.”
Revelock’s behavioral biometrics enhance the Feedzai platform with deep learning-powered behavioral analytics for robust digital identity proofing, the companies say. The combined Feedzai technology goes beyond behavioral biometrics, device assessment, and phishing and malware detection to provide a natively integrated, comprehensive global fraud intelligence solution, managing the process from login to checkout.
The combined platform also provides visual modelling, deep data analysis for faster investigations, seamless integration with a single UK and UI, according to the announcement.
“We created Revelock to help commerce enablers identify whether you are really you when you’re transacting online,” Revelock CEO Pablo de la Riva says. “With its hyper-granular, anonymized profiles, Revelock’s technology is capable of detecting the subtle changes in user behavior – such as differences in how you hold your phone or how quickly you navigate a banking app – and predict with confidence whether a session should or shouldn’t be trusted. It can identify bad intentions even from a single keystroke and stop fraud before it occurs, all while safeguarding your privacy and anonymity, even from the people that are protecting you. We are thrilled to see our technology come to its full market potential when fused with Feedzai’s AI expertise, where the combination of our technologies is pushing the boundaries of what can be done to secure modern commerce.”
Revelock rebranded from buguroo just months ago, and has been busily partnering up to combine behavioral biometrics with FacePhi’s face biometrics for continuous authentication, and with solution providers like Veritran.
The terms of the transaction were not disclosed.
AI | behavioral biometrics | biometrics | cybersecurity | digital identity | Feedzai | financial services | fraud prevention | privacy | Revelock | secure transactions