Revelock and FacePhi team up to boost banks’ fraud defences with continuous biometric user verification
May 2021 by Marc Jacob
Revelock, the pioneer in behavioural biometric-based online fraud detection and response, and FacePhi, the company in user identity verification technology, today announced their partnership to give financial institutions and their end users comprehensive and continuous fraud protection across every online interaction. The alliance between two of Europe’s leading biometric technology providers will help banks fight fraud by automating fraud detection and response while unobtrusively ensuring a secure customer experience.
FacePhi provides advanced digital onboarding, user authentication and transaction approval for financial institutions based on unique user biometrics of the face, eyes, voice and fingerprints. Revelock’s pioneering fraud detection and response platform, centred on a hybrid AI-based BionicID™ and its Active Defense approach to fighting fraud, automatically blocks identity impersonation and manipulation attacks such as phishing, malware and mRATs, before cardholders and banks suffer losses.
Combined, these solutions fraud-proof the entire online banking journey, from new account creation and from login to logout, across every interaction.
The agreement reached by both companies comes at a time of significant growth and international recognition. Based in Spain, Revelock protects more than 50 million customers around the world, against online banking fraud. In the past year alone, Revelock has been named Best ID Management Solution in the Finovate Awards, Best Biometrics Solution in the Cybersecurity Excellence Awards and won a Frost & Sullivan European Technology Innovation Award for its behavioural biometrics-based fraud prevention solution.
FacePhi, with a global presence, has closed the year with important advances in the Asian market, thanks to the development of projects for some of the main financial groups in South Korea, in addition to its recent entry into Vietnam. The company maintains clear leadership in Latin America, where it has established itself as the leading biometrics firm. The technology company has recently been recognised with the 2020 National SME of the Year Award by the Spanish Chamber of Commerce and Banco Santander and included in the international RegTech100 list as one of the best companies in the world for regulatory compliance (regtech).