Revelock and CaixaBank co-develop behavioral biometrics-based fraud detection solution
Revelock worked with Spanish financial services multinational CaixaBank to develop a new fraud prevention solution using artificial intelligence to interpret behavioral biometrics, which is now integrated into the CaixaBankNow online banking platform.
The technology detects changes in the habitual behavior patterns of customers to detect signs of attempted fraud by cybercriminals, regardless of their attack technique. Users’ online interactions are continuously assessed in a process which is completely invisible to them and adds no friction.
CaixaBank and Revelock have been working on joint digital security and fraud prevention initiatives since 2015, the companies say.
Revelock announced a partnership with Paramount to bring the former’s Fraud Detection and Response Platform with behavioral biometrics to Middle East banks a month ago.
CaixaBank says partnering with startups to tap into innovation is part of its strategy, and the bank has also pioneered other biometric applications in banking, such as ATMs enabling cash withdrawals without entering a PIN through facial recognition, according to the announcement. The institution has 10 million digital customers in Spain. CaixaBank notes it won awards in 2020 both for retail banking and digital banking.
Revelock was acquired by Feedzai in August to add its capabilities to a Financial Intelligence Network for secure cashless transactions.
behavioral biometrics | biometrics | continuous authentication | digital identity | financial services | fraud prevention | research and development | Revelock