Company announces new Advisory Board and Fraud Detection & Response Platform Pioneers Behavioral Biometrics & Hybrid AI with Active Defense approach to fighting fraud
MADRID, April 21, 2021 /PRNewswire/ -- buguroo, a pioneer in behavioral biometric based online fraud prevention, today announced it is changing its name to Revelock to reflect the company's commitment to not just reveal fraud, but also preemptively respond to and block attacks. Revelock's mission focuses on dramatically advancing the fight against fraud by leveraging behavioral biometrics and hybrid AI to "Know Your User" (KYU), continuously verify their BionicID digital fingerprint and prevent account takeover by RATs, zero-day malware, bots, phishing and social engineering scams.
"Losses due to stolen personally identifiable information and credentials will grow to $635.4 billion USD by 2023" said Aite Group Research Director, Julie Conroy. "Revelock's innovative account takeover solution can help financial institutions keep pace with the constantly evolving threats, and achieve their goals to stay top-of-wallet, improve operational efficiencies and reduce fraud."
"We were pioneers in using behavioral biometrics to fight fraud," said Pablo de la Riva, CEO & Founder, Revelock. This is a major milestone for the company as we once again lead the industry with an active defense approach and automation of both fraud detection and response."
Revelock has also announced a new Advisory Board, made up of industry veterans in digital identities, payments, fraud and financial crime.
"Fraud teams need a proactive, "always on" platform to prevent tenacious adversaries from taking over user accounts," said Monica Pal, cybersecurity industry veteran and Revelock Advisory Board Chair. "Revelock provides a continuous, adaptive solution to silently verify authentic users while blocking bad actors again and again, making it too frustrating and expensive for these attackers to continue their attempts."
The company also unveiled the Revelock Fraud Detection & Response (FDR) Platform, updating and enhancing capabilities to protect against more threats and further reduce the operational costs of fighting fraud.
Revelock's focus on training hybrid AI systems with behavioral biometric signals to "Know Your User" is a game changer in the industry," said Alex Doll, General Partner Ten Eleven Ventures. "At every sign-in, the Revelock platform quietly and continuously interprets new user signals, allowing banks to verify customers without impacting their digital experience. Bad actors can also be identified, giving security teams full visibility and enhanced defense capabilities. It's a powerful new tool in the fraud-fighting arsenal and one that we are very excited to help bring to market."
About Revelock:
Revelock enables financial services and fintech companies to reveal and respond to online identity impersonation & manipulation attacks without hindering the customer experience. Protecting more than 50 million banking customers worldwide, the Revelock Fraud Detection & Response (FDR) Platform combines behavioral biometrics, network and device assessment with hybrid AI and Deep Learning to create a BionicID and continuously Know Your User (KYU), spot bad actors and mitigate risk regardless of the type of attack.
From new account creation and login to logout, across every interaction, Revelock non-intrusively detects behavioral and environmental anomalies while protecting customers from RATs, zero-day malware, bots and social engineering attacks. Revelock Active Defense capabilities give Fraud Fusion Center analysts full control over automated risk mitigation and Revelock Pre-emptive Defense enables analysts to use Revelock Hunter to discover and disrupt mule networks and previously undetected compromised accounts.
Revelock Solutions prevent Account TakeOver (ATO) and provide continuous behavioral biometric risk assessment and silent stepped-up authentication (MFA) to prevent New Account Fraud (NAF), Card Not Present Fraud (CNP / 3D Secure) and comply with PSD2/SCA.
For more information visit www.revelock.com
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