Revelock and FacePhi team up to boost banks’ fraud defences with biometric user verification
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Revelock and FacePhi have 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 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.
“We are excited to partner with FacePhi to promote more cybersecure and customer-friendly banking practices,” said Pablo de la Riva, CEO & Founder of Revelock. “Biometrics are the future of identity verification in digital banking and by coming together, we are blending best-of-breed solutions to reduce roadblocks in the user experience while at the same time reducing fraud prevention operation costs and fraud losses.”
“Revelock and FacePhi are two companies that share both their Spanish origin and have managed to create reference technologies for the international banking sector. From a cybersecurity standpoint, we are two complementary companies, since we cover different stages in the interaction process between the customer and the bank, guaranteeing security both in the opening of an online account and in the subsequent digitally-performed operations. The possibility of joining forces to offer our services in a coordinated way has arisen naturally, as part of the moment of growth that the two firms are experiencing,” explains Javier Mira, CEO of FacePhi.
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 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).