Product: Behavioral biometrics
Feedzai, a cloud-based financial risk management platform, acquired Revelock, a biometrics solution designed to detect and prevent financial crime before it occurs by identifying users, devices and transactions. The acquisition enhances Feedzai's end-to-end risk management and predictive analytics capabilities, company representatives stated. Andy Renshaw, vice president, payment strategy and solutions at Feedzai, pointed out that Revelock uses advanced biometric, behavioral, device and network data analytics to block threats and expedite legitimate transactions.
"Revelock's pre-transaction intelligence is known as Know Your User (KYU) and delivers continuous user verification across the user journey to verify only legitimate users are allowed to initiate transactions," Renshaw said. "KYU enables bad actors to be stopped automatically by challenging them or preventing them from executing a transaction 'at the front door.'"
Feedzai and Revelock's combined capabilities create a massive financial intelligence network that Renshaw described as a vault of more than a trillion data points, sessions, and anonymized profiles of good and bad actors. He characterized Revelock's digital identity solution as a hypergranular tool that can detect subtle changes in user behavior to predict if a session can be trusted. These enhanced risk management attributes minimize anti-fraud and anti-money laundering compliance while improving the user experience, he noted.
"The acquisition of Revelock provides Feedzai the ability to deliver a complete predictive analytics solution," Renshaw said. "Revelock's fraud prevention capabilities detect and prevent bad actors from making fraudulent transactions by detecting and preventing manipulation and impersonation attacks designed to compromise user accounts or hijack sessions." Renshaw further noted that banks, payment processors, acquirers and merchants can leverage Revelock's behavioral analytics to assess and protect customers from login to checkout. These insights improve risk management speed and accuracy while helping protect users from threats, which may include malware, phishing, and account takeover attempts, he added.
Revelock technology and its historical biometric intelligence are natively integrated into the core Feedzai platform, and available APIs make these technologies simple to integrate into proprietary systems, Renshaw noted. The Feedzai platform, with Revelock, enables partners to holistically assess financial risk using customizable technology to create comprehensive models, rules, labels, reporting and visual modeling to connect seemingly disparate fraud events with devices and users, Renshaw stated. Designed to grow and scale with users, the program facilitates fast investigations as well as a frictionless and transparent user journey, he added.
Renshaw mentioned that Feedzai partners can automate Revelock's biometric intelligence to block bad actors and prevent impersonation attacks. "Using KYU provides an efficient way of preventing fraud losses by stopping them before they occur," he said. "Revelock provides active defense and preemptive defense capabilities that automatically and proactively prevent fraud losses, improve fraud operational efficiencies, and prevent negative customer experiences."
Revelock's hypergranular approach to analyzing individual behavior and device characteristics can help financial service providers create a dimensional profile of each customer during an onboarding or checkout process, which is called a BionicID, Renshaw stated. BionicIDs consist of user behavioral biometrics (how you type, swipe, hold and use your device to access a protected web or mobile app), behavioral analytics (when and what you do), and device and network data.
Revelock uses hybrid AI models and deep learning to analyze each BionicID and its data points, and continually updates and analyzes every interaction throughout the KYU process. Revelock examines the identity of users performing every action and allows verified users to proceed or block bad actors, Renshaw noted. "BionicIDs are extremely difficult to copy and provide a unique identifier allowing for accurate user identification that protects customers from the most comprehensive range of manipulation and impersonation threats," Renshaw said. "The use of BionicIDs delivers the most flexible way for organizations to stay in front of the ever-evolving threat landscape and stay one step ahead of cybercrime."
The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information.
Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.Prev Next