Partnership helps financial institutions and fintech companies take an Active Defense approach to fighting fraud
Revelock, the pioneer in behavioural biometric-based online fraud detection and response, and Veritran, a global company that facilitates digital transformation through its Enterprise Low-Code Platform, have announced a formal partnership designed to reduce digital bank fraud losses and call center costs, by taking an Active Defense approach. As a result of this collaboration, Veritran will integrate Revelock’s ‘Fraud Detection & Response (FDR) Platform’ into their extensive Security Suite offer to help banks continuously verify users identity and automatically protect them from malware, phishing and account takeover attempts, while unobtrusively ensuring a secure customer experience.
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Digital bank fraud is a growing problem worldwide. The scope and scale of recent data breaches show that with personal information easily accessible on the dark web, most people are at risk of identity theft and online fraud. The increase in the sophistication of bad actors, the rise of attack-as-a-service schemes – which make launching attacks accessible even to non-technical actors – and the pandemic accelerating the move to digital channels have exacerbated this threat landscape. People who are not technologically savvy or knowledgeable about good cyber hygiene are more at risk of social engineering and online fraud attempts now than ever before.
Whereas online fraud prevention has traditionally focused on identifying typical bad actors, Revelock’s solution works by leveraging advanced behavioural biometrics and hybrid AI to create a BionicID™ for each user. This works like a digital fingerprint, enabling financial institutions to know every user at a granular level and detect anomalies created by any threat vector that may be used to takeover accounts. The platform also provides an ‘Active Defense’ through configurable automated responses to fraud. Together, these capabilities enhance organisations’ ability to spot bad actors accurately and proactively protect legitimate users against identity impersonation and manipulation threats without adding friction to the customer journey.
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Veritran has more than 15 years of experience developing digital solutions for the financial industry through its Enterprise Low-Code Platform, which stand out for UX, security and time to market. Thanks to the partnership with Revelock, the company continues to strengthen its Security Suite and incorporates a new option of protection for the millions of transactions executed daily by its platform. In addition, thanks to its low-code technology that facilitates the development of applications from scratch or adding new functionalities to existing apps in record time, financial institutions will be able to access this new security feature in a matter of weeks.
“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,” said 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.”
“We’re delighted to partner with Veritran to make our game changing online fraud prevention platform more quickly and easily accessible,” said 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.”
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