" class="no-js "lang="en-US"> Why Feedzai’s Revelock Acquisition is a Game-Changer
Wednesday, May 31, 2023
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Why Feedzai’s Revelock Acquisition is a Game-Changer

What Feedzai’s Acquisition of Revelock Means

Revelock has played an outsized role in reinventing the concept of “digital trust.” The company’s innovative behavioral biometric technology empowers financial institutions (FIs) with pre-transaction intelligence that can prevent financial crime in real-time before it even happens. Just as impressive, the solutions do not compromise customer experiences or privacy.

Revelock’s state-of-the-art behavioral biometrics and device analysis are powered by deep learning technology and will introduce a robust identity solution that enhances Feedzai’s platform. Other digital identity solution providers only offered behavioral biometrics, device assessment, phishing, and endpoint malware detection as individual solutions. Revelock, however, combines them all in a unified package.

But this acquisition is about much more than simply adding behavioral biometric technology to our platform. We’re also planning to change the fraud prevention landscape as we know it by launching the world’s largest Financial Intelligence Network (FIN). FIN is a vast database containing over 1 trillion data points, sessions, and profiles of both good and bad actors. Every user session will be kept anonymous, ensuring that people will always be treated as people, not as data points.

Unlike with other fraud detection solutions, FIs and merchants will know if they can trust customers at their first point of transaction – not the last. By adding Revelock’s technology to our own, Feedzai is continuing our goal to build the most comprehensive cloud-based, AI-powered financial risk management platform available. Combined with Feedzai’s Responsible AI capabilities, we’re rapidly moving from machine learning to machine precognition.

Enabling Digital Trust for Cashless Commerce 

Since the day we founded the company, Feedzai has been laser-focused on one core mission: make digital commerce safe for everyone. With our acquisition of Revelock, Feedzai takes this mission to the next level. Revelock’s behavioral and device data will build a foundation of digital trust that allows FIs to trust their customers in an increasingly digital world.

FIs will need to build a foundation of digital trust as they seek to prevent fraud and deliver seamless customer experiences. More and more FIs now see digital trust as the path forward to cashless commerce, especially as the digital economy expands. Millions of customers adopted digital banking habits because of the COVID-19 pandemic last year. The pandemic might be shifting, but these customers’ minds are made up and they’re going to keep the digital banking habits they picked up because of COVID-19.

As the pandemic brought many new customers into the digital banking arena, physical banking resources – most notably cash – are increasingly getting left behind. Feedzai’s Financial Crime Report data showed a 58% drop in ATM withdrawals in the U.S. and 41% of consumers switched from cash to online and mobile-based payments. What’s more, data from Zelle shows 55% of customers have no intention of going back to cash. Based on these insights, we expect digital banking and eCommerce are only going to get stronger while cash will continue its decline.

Of course, more customers embracing digital banking and eCommerce also means more fraudsters looking to steal funds. A secure foundation will be critical to ensuring that consumers, FIs, and merchants can transact safely without fear of falling victim to a fraudster’s attack. As the world shifts from barter to cash to crypto, security becomes the foundation of modern commerce. We’re excited to be providing the digital trust solution for an increasingly digitized economy.

We’re also delighted to welcome the talented minds that built Revelock’s technology to Feedzai’s family. As I mentioned, our mission has always been to keep digital commerce safe. With Revelock’s technology now available, we’re going to flip the script on financial crime by enabling clients to shift from fraud detection to prevention. We look forward to using this technology to allow banks and customers to interact in the cashless economy with peace of mind. A new age of seamless, cashless commerce begins today!

Digital trust is the foundation of today’s connected economy. In this engaging webinar on-demand, 4 Key Elements of Digital Trust, Feedzai’s Santiago del Puerto and Ana Vicente discuss how banks can ensure digital trust across the customer journey.

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