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Revelock and Sionic to enable financial institutions fight online fraud

By Megha Bhattacharya

June 09, 2021

  • America
  • Revelock
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Revelock has announced that it is partnering with Sionic, the global financial services consultancy, to help banks and financial services providers around the world take a more proactive approach to detect and respond to fraud. Sionic will offer Revelock’s ‘Fraud Detection and Response (FDR) Platform’ as part of its portfolio of anti-fraud solutions that together protect clients and their customers from constantly evolving and expanding fraud attacks.

“We are constantly reviewing the latest innovations in the fraud prevention space to ensure our clients are in the best possible position to tackle the rising tide of fraud,” said Gareth Evans, Sionic Director and head of the firm’s specialist anti-fraud team. “Revelock’s ability to detect and then pre-emptively block and respond to fraud attempts makes it a crucial addition to our fraud prevention portfolio. We’re excited about how this partnership will deliver key benefits to our clients, such as cutting losses incurred by fraud and reducing the workloads of their fraud teams.”

Revelock’s solution works by leveraging advanced behavioural biometrics and hybrid-AI to create a BionicID for each user. This works like a digital fingerprint, enabling financial institutions to know every user at a granular level and detect anomalies created by any threat vector that may be used to take over accounts. The platform also provides an ‘Active Defense’ through configurable automated responses to fraud. Together, these capabilities enhance organisations’ ability to accurately spot bad actors and proactively protect legitimate users against identity impersonation and manipulation threats, all without adding friction to the customer journey.

“We’re delighted to partner with Sionic to make our technology more easily accessible to its world-renowned clients,” said Pablo de la Riva Ferrezuelo, CEO at Revelock. “Their expertise – so often gained through time on the frontlines facing the very attacks we are working to block – will be invaluable to us in our efforts to help financial services advance in the fight against online fraud.”

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