Revelock has unveiled a new Fraud Detection & Response (FDR) Platform that was built to help financial institutions detect and respond to fraud in a more timely fashion. The offering is the company’s first major product launch following its rebrand from buguroo earlier in April.
FDR provides coverage for both web and mobile channels, and uses a combination of behavioral 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 behaviors are based on bad actor models that are regularly updated to account for the latest tactics and techniques being used by cybercriminals.
With Revelock Hunter, financial institutions configure FDR to auto-block suspected mule accounts, or to thwart a potential account takeover. The continuous authentication system monitors interactions in real time, providing strong security without creating additional friction for legitimate customers.
“With an active defense approach, we stop fraud before it happens, reducing the number of fraud cases with automated responses,” said Revelock CEO Pablo de la Riva. “In addition, our non-intrusive BionicID models let our customers Know Their Users at every interaction, substantially reducing false positives and false negatives, preventing negative customer experiences and freeing up resources to work on more complex investigations.”
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.
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