Feedzai Acquires Revelock
August 2021 by Marc Jacob
Feedzai announced the acquisition of the behavioral biometric platform, Revelock. Following a $200m investment round earlier this year, Feedzai’s acquisition creates the world’s largest AI-powered financial risk management platform with native, integrated behavioral biometrics. The integrated platform enables financial institutions and merchants across the globe to detect and prevent financial crime before it occurs. Hypergranular risk-level assessment bolsters security, maintains privacy, and gives consumers a lightning-fast experience.
The transformational combination of Feedzai and Revelock will 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. To top this, Revelock brings biometric intelligence from every user, device, and session connecting to the system. Beyond the addition of behavioral 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 percent in the U.S. (Feedzai), 41 percent of consumers switched from cash to online/phone payments, while 55 percent 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 recognizes 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 technology enhances Feedzai’s platform capabilities by providing a robust digital identity solution using state-of-the-art behavioral analytics powered by deep learning. Other digital identity providers focus just on behavioral biometrics, device assessment, phishing, or endpoint malware detection. Feedzai offers comprehensive global intelligence, natively integrated into the platform in a single solution. This critical addition to the Feedzai platform makes it the first end-to-end risk management platform for prevention, detection, remediation, and compliance that will improve the user experience while minimizing the burden on anti-fraud and anti-money laundering (AML) teams.
Through this acquisition, banks, payment processors, acquirers, and merchants can gain better insight into their customers and their transactional behaviors to make more accurate risk decisions, faster, protecting customers from cyber threats such as malware, phishing, and account takeover attempts. Feedzai manages the entire process, from login to checkout, automatically handling biometric and transactional data without adding any manual work for data science teams.
The Feedzai platform, with Revelock, provides customers with the following benefits:
Holistic financial risk management that scales exponentially as business grows and minimizes capital and operating expenses
Comprehensive models, rules, labels, and reports that leverage behavioral biometric intelligence from day one
Unprecedented speed, refinement, and fidelity for the entire risk journey
Visual modeling so analysts can easily make connections between seemingly disparate fraud events and link the devices used in those events
Faster investigations enabled by the depth of data at the analyst’s fingertips
Frictionless, silent, and transparent customer experience
Seamless integration into Feedzai’s platform with a single UX and UI
Revelock technology will be natively integrated into the core Feedzai platform with historical behavioral biometric intelligence available immediately.