Feedzai has announced the acquisition of behavioural biometric platform Revelock, following a $200m investment earlier this year. Through this acquisition, Feedzai intends to create the world’s largest AI-powered financial risk management platform with native, integrated behavioural biometrics.
The combination of Feedzai and Revelock will reportedly create the world’s largest Financial Intelligence Network (FIN), a vault of more than a trillion data points, sessions, and profiles of both good and bad actors. Feedzai Segment of One Profiling uses 150B data points to decide if the transaction is fraud or not.
Over the past year, ATM withdrawals are down 58% in the U.S. (Feedzai), 41% of consumers switched from cash to online/phone payments, while 55% do not plan to switch back to cash (Zelle). The early days of the pandemic forced many businesses, both small and large, to move to contactless, digital payments to reduce the possibility of exposure to COVID-19, accelerating cashless commerce.
Many consumers moved to online banking and commerce, adding convenience, but offering criminals more opportunities to commit financial crimes and increasing the burden of risk to banks, payments processors, acquirers, and merchants. As the digital economy evolves from barter to crypto, security is crucial to modern commerce, providing consumers with peace of mind when transacting online, and lowering the risk for financial institutions and merchants.
The integrated platform from Feedzai and Revelock is set to help global financial institutions and merchants detect and prevent crime before it occurs. Hypergranular risk-level assessment bolsters security, maintains privacy, and gives consumers a lightning-fast experience.
“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,” said Nuno Sebastiao, CEO of Feedzai.
“More than 20% 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 client’s customers have a safe pass throughout their entire digital commerce journey, making their experience faster, more private, and more secure.”
“We created Revelock to help commerce enablers identify whether you are really you when you’re transacting online,” said Pablo de la Riva, CEO of Revelock. “With its hypergranular, anonymised profiles, Revelock’s technology is capable of detecting the subtle changes in user behaviour – 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.”
Through this acquisition, banks, payment processors, acquirers, and merchants can reportedly gain better insight into their customers and their transactional behaviours to make more accurate risk decisions, faster, protecting customers from cyber threats such as malware, phishing, and account takeover attempts. From login to checkout, Feedzai is able to manage the entire process, automatically handling biometric and transactional data without adding any manual work for data science teams.
Revelock technology will be natively integrated into the core Feedzai platform with historical behavioural biometric intelligence available immediately.