Veritran and Revelock partner to bolster digital banking defenses

By Pavithra R

Veritran, a global company that simplifies building digital solutions through its Low-Code platform, has announced entering into a formal partnership with Revelock, the pioneer in behavioural biometric-based online fraud detection and response, to reduce digital bank fraud losses and call center costs, by taking an Active Defense approach.

Under the alliance, Veritran will integrate Revelock’s ‘Fraud Detection & Response (FDR) Platform’ into their extensive Security Suite offer to help banks verify users identity and automatically protect them from malware, phishing and account takeover attempts, while unobtrusively ensuring a secure customer experience.

“Fraudsters are getting more sophisticated – both in the technologies they deploy and the psychological tricks they play on people – so banks must get one step ahead of them by using the best possible online fraud prevention technologies available today. Revelock offers just that, and its anti-fraud technology is already widely deployed by leading banks in Europe and Latin America. We are pleased to be teaming up with the Revelock team to offer its industry-leading behavioural biometrics solutions to banks,” said Omar Arab, Head of Global Strategic Alliances at Veritran.

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 FIs to know every user at a granular level and detect anomalies created by any threat vector that may be used to takeover accounts. The platform also provides an ‘Active Defense’ through configurable automated responses to fraud.

Veritran, through the partnership, will strengthen its Security Suite and incorporates a new option of protection for the millions of transactions executed daily by its platform. Additionally, by leveraging its low-code technology that facilitates the development of applications from scratch or adding new functionalities to existing apps in record time, financial institutions will be able to access this new security feature in a matter of weeks.

“We’re delighted to partner with Veritran to make our game changing online fraud prevention platform more quickly and easily accessible. The Veritran Enterprise Low-Code Platform combined with the Revelock Fraud Detection & Response Platform will enable financial services and fintech companies to quickly, simply and safely develop and deploy omnichannel digital banking applications that offer uninterrupted customer experiences while reducing fraud losses and call center costs,” said Pablo de la Riva Ferrezuelo, CEO at Revelock.