CaixaBank, in collaboration with Revelock, has developed a solution that will prevent fraud in digital banking channels.
The artificial intelligence (AI)-based technology is already integrated into CaixaBank’s online banking platform CaixaBankNow.
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The solution is designed to identify anomalies in customers’ habitual patterns of behaviour during online transactions. It continuously assesses users’ online interactions against risk patterns.
This process will help in detecting potential threats, thereby increasing online banking safety for users.
CaixaBank pursues a strategy of collaborating with start-ups to encourage innovation and support its development.
The Spanish lender has been working with Revelock on digital security and fraud prevention since 2015.
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By GlobalDataIn a statement, Revelock said: “Through this partnership, CaixaBank is reinforcing its strategy of applying cutting-edge technology to the digitisation of its processes, the creation of new financial services and fraud control.
“It is also making progress in the application of biometrics to its security strategy, a technology that reinforces identification security while remaining transparent to the customer.”
Revelock helps financial services to combat online phishing and spoofing attacks. The Revelock Fraud Detection & Response platform is said to protect more than 50 million banking customers globally.
The platform leverages behavioural biometrics, network and device analytics with hybrid AI and deep learning technology to create a BionicID that can mitigate cyberattack threats.
Last month, Revelock was acquired by cloud-based financial risk management platform Feedzai.
Notably, Feedzai achieved unicorn status earlier this year following a $200m in Series D investment round. At the time of the announcement, Feedzai said that it will use the proceeds to bolster product portfolio and support global expansion.
