Feedzai acquires Revelock

Wednesday 4 August 2021 09:00 CET | News

Cloud-based financial risk management platform Feedzai has acquired behavioural biometric platform Revelock (formerly known as Buguroo). 

Following a USD 200 million investment round earlier in 2021, Feedzai’s acquisition creates the a large AI-powered financial risk management platform with native, integrated behavioural biometrics. The integrated platform enables financial institutions and merchants across the globe to detect and prevent financial crime before it occurs. Hyper-granular risk-level assessment bolsters security, maintains privacy, and gives consumers a lightning-fast experience, says the official press release. 

The transformational combination of Feedzai and Revelock will create a large 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. Revelock brings biometric intelligence from every user, device, and session connecting to the system. Beyond the addition of behavioural biometric data to its platform, Feedzai leverages AI and machine learning expertise to use enriched information in models to create predictive intelligence to stop financial crime in real-time. Feedzai provides end-to-end management of data quality, governance, and usage; keeping every user session anonymous to ensure people are treated as people and not as data points. Other fraud solutions simply add biometric data without usage guidance, creating manual work for data science teams. 

Over the past year, ATM withdrawals are down 58% in the US (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, Feedzai recognises that security is crucial to modern commerce, providing consumers with peace of mind when transacting online, and lowering the risk for financial institutions and merchants. 

Revelock provides Feedzai a digital identity solution using behavioural analytics powered by deep learning. Feedzai offers comprehensive global intelligence, natively integrated into the platform in a single solution. This critical addition to the Feedzai platform makes it an end-to-end risk management platform for prevention, detection, remediation, and compliance that will improve the user experience while minimising the burden on anti-fraud and anti-money laundering (AML) teams.

Find out more about Feedzai and Revelock.

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Keywords: Feedzai, Revelock, acquisition, cloud, risk management, behavioural biometrics, artificial intelligence, machine learning
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime

Industry Events