Financial institutions’ goal is to make online customer journeys as smooth and straightforward as possible.
Naturally, these organizations wish to maintain a seamless customer experience. However, this need must be balanced with ensuring digital security at all stages of the customer journey – from onboarding, to login, through to logout. Potential attack vectors are lurking at every step of the way. For example, in the form of New Account Fraud at the onboarding stage from synthetic IDs or Account Takeover fraud at any point post-login due to Remote Access Trojans (RATs).
To defend against increasingly intelligent and frequent fraud attacks whilst still ensuring a smooth customer journey, financial institutions cannot rely on disparate fraud prevention methods.
Instead, the best way to ensure success is to fight fire with fire: financial institutions need to employ advanced technology and implement innovative, fully integrated fraud prevention solutions to protect their customers across the entire online journey to counter the cutting-edge technology being employed by bad actors to orchestrate evermore complex attacks.
Now, with their forces combined, this is exactly what Feedzai and Revelock can deliver. With Feedzai’s expertise in transactional fraud prevention and Financial Risk Management, along with Revelock’s online fraud detection and prevention capabilities, financial institutions can have a complete customer protection solution that stops fraud in its tracks.
Feedzai and Revelock team up to fight financial fraud
Revelock has developed an innovative approach utilizing detailed behavioral biometric analysis to know each user thoroughly - by every action they take. In combination with device, malware threat detection, and network assessment, this analysis creates a BionicID – a unique digital profile. BionicIDs are used to authenticate each user and verify that they really are who they claim to be with an incredibly high level of accuracy.
On August 4th, 2021, Revelock was acquired by Feedzai, the world’s leading cloud-based financial risk management platform.
Revelock’s mission and technology seamlessly integrate with Feedzai’s to create the first complete, end-to-end risk management platform. Feedzai’s Responsible AI capabilities complement Revelock’s AI-powered Active Defense technology, allowing the combined fraud prevention solution to go beyond machine learning to detect fraud to machine precognition - providing the ability to stop financial fraud before it happens.
Overall, combining the two companies will create the world’s largest Financial Intelligence Network (FIN) – with a database of over 1 trillion data points, sessions, and profiles of both good and bad actors.
The new Feedzai platform will deliver layered fraud detection, prevention, remediation, and compliance across the user journey without impacting the customer experience, reducing fraud prevention teams’ burden.
One of the most important outcomes of this partnership is the enhancement of pre-transaction protection. Revelock’s pre-transaction intelligence is based on a Know Your User (KYU) approach, which is based on behavioral biometric, device, malware threat detection and network analysis, to enable continuous user verification throughout the customer journey to ensure only legitimate users initiate transactions.
Pre-transaction data is collected at login and every point of interaction thereafter throughout the customer’s online journey. Moreover, KYU analysis occurs transparently, affording customers a frictionless experience whilst ensuring they are fully protected.
Crucially, Revelock’s KYU approach ensures bad actors are stopped ‘at the front door’, for example, at the login stage or even earlier at onboarding. Threats at these early stages are driven by the theft of customer credentials (which then opens the door to further account fraud), phishing, and Zero Day malware. The latter is particularly tricky to defend against as it takes advantage of previously unknown vulnerabilities.
Moreover, attacks based on stolen credentials are now more successful due to the emergence of voice cloning and ‘deepfake’ technologies, meaning attackers can now look and sound exactly like their victims.
For these reasons, it is all the more important that financial institutions switch to innovative approaches, such as KYU that are virtually impossible to spoof. Legacy methods that use disparate tools to look for bad actors or rely on point-in-time solutions such as Know Your Customer (KYC) verifications are not enough. Instead, Feedzai + Revelock analyzes users at a granular level based on their past behaviors, which delivers an extremely high degree of accuracy when trying to identify potential fraud.
Layered protection at the transaction stage
Revelock Active Defense technology helps detect, prevent, and respond to threats at the transaction stage, like RATs. Using KYU to prevent fraud by stopping it before it can occur is, of course, the most effective. When this is not possible, another solution is to make use of automation.
Fraud teams can configure automated processes that prevent impersonation attacks and block bad actors, enhancing a purely manual response process and thereby lightening the load of often overburdened fraud analysts – allowing them to focus their energies on higher-level threats.
Revelock provides both Active and Pre-emptive Defense capabilities that proactively and automatically detect and prevent fraud whilst improving the efficiency of this process - all the while ensuring advanced customer protection throughout the whole user journey.
Revelock’s innovative fraud prevention solutions are further enhanced at the pre-transaction stage, particularly at onboarding, by adding Feedzai’s extensive collection of transaction-based intelligence. This is further enhanced at the point of transaction, where Feedzai’s platform can analyze any transaction, comparing it with its intelligence, to determine to an extremely high degree of accuracy that a legitimate customer is executing it with no ill-intent.
This means an attacker who managed to slip through the net at onboarding or login will be stopped. This layered approach – with separate levels of protection at all stages of the customer journey – delivers the most effective fraud prevention, ensuring that even the most intelligent and complex fraud attacks can be detected and automatically prevented.
Silently Stopping Fraud
Revelock and Feedzai’s technology-driven solutions all occur in the background, ensuring that any legitimate user’s experience isn’t interrupted.
Their customer journey will be silently but effectively protected through every interaction. In this way, financial institutions can finally achieve the coveted balance of water-tight fraud prevention that won’t frustrate or even lose customers.
The overall process of Revelock and Feedzai’s fraud-prevention approach follows a clear path of Prevent; Detect; Remediate; Comply.
The new platform – backed up by the largest ever Financial Intelligence Network, Revelock’s Active and Pre-emptive Defense technologies, and Feedzai’s Financial Risk Management expertise – ensures that customer trust and safety are prioritized through a robust defense as real-time remediation and regulation compliance.
For more information about how to bring Trust across the Customer Journey, join David Mattei from Aite-Novarica Group and the Fraud Prevention Team from Feedzai and Revelock and watch our WEBINAR: Reinventing Digital Trust Across the Customer Journey.