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Revelock introduces new fraud prevention platform

Wednesday 5 May 2021 14:11 CET | News

Spain-based fintech Revelock has unveiled a new fraud detection & response (FDR) platform that was built to help financial institutions detect and respond to fraud.
The offering is the company’s first major product launch following its rebrand from buguroo earlier in April 2021. FDR provides coverage for both web and mobile channels, and uses a combination of behavioural biometrics and network and device analytics to create a unique BionicID for each user. Once generated, that BionicID enables ongoing passive identity verification, since the platform will compare new sessions to previous sessions to watch for any anomalies.

From there, FDR will step in automatically if it spots anything suspicious. The active defense system comes with a Malware Blocker, a Phishing Blocker, and an mRAT Blocker that will trigger an auto-response if it detects those respective threats, while the pre-emptive defense system has a Revelock Hunter (formerly Fraudster Hunter) tool that watches for behaviors that have been associated with fraud. Those behaviours are based on bad actor models that are regularly updated to account for the latest tactics and techniques being used by cybercriminals.

Revelock has argued that behavioral biometrics can make it easier for financial institutions to comply with various data protection regulations. The company has also noted that attacks against the payments industry increased after the outbreak of COVID-19, according to mobileidworld.com.


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Keywords: product launch, fraud detection, fraud prevention, cybersecurity
Categories: Fraud & Financial Crime
Companies:
Countries: Spain
This article is part of category

Fraud & Financial Crime