CaixaBank partners with Revelock to develop an AI-based security solution
By Joy Dumasia
CaixaBank has worked together with the start-up Revelock, recently acquired by Feedzai, to develop a solution based on artificial intelligence to prevent fraud in digital banking channels. The partnership comes as part of CaixaBank’s wider strategy of collaboration with start-ups to identify key talent and accelerate innovation.
Through this partnership, CaixaBank is reinforcing its strategy of applying cutting-edge technology to digitise its processes, creating new financial services and fraud control. It is also progressing using biometrics in its security strategy, a technology that reinforces identification security while remaining transparent to the customer.
The technology, which is already integrated into CaixaBankNow, CaixaBank’s online banking platform, detects alterations in customers’ habitual patterns of behaviour during online transactions that could result from attempted fraud by cybercriminals. The solution continuously assesses users’ online interactions and compares them with risk patterns, providing greater security to all CaixaBank’s online banking users.
The project is also the result of the bank’s commitment to a strategy of collaboration with start-ups, enabling the bank to improve its agility and efficiency in innovation, speed up the time from idea to implementation, and identify talent. In turn, for start-ups, collaborating with companies like CaixaBank allows them to scale quickly. CaixaBank has been working with Revelock on digital security and fraud prevention projects since 2015.
Recently, IBS Intelligence reported that imagin, the digital services and lifestyle platform is driven by CaixaBank, Spain’s leading retail bank, which has celebrated its first anniversary since its launch as a new digital community concept, adding more than 500,000 unique users and reaching a total balance of 3.1 million imaginers. This represents a growth rate at recent highs of 20% in a single year. In the band of users over 18 years of age, growth has reached over 30% during this first year.