Fraud prevention technology detects anomalies in typical user online behavior patterns to identify potential threats
Façade of La Caixa building in Madrid (Spain). (Credit: Luis García (Zaqarbal)/Wikipedia.)
CaixaBank has worked together with the start-up Revelock, recently acquired by Feedzai, to develop a solution based on artificial intelligence and aimed at preventing 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.
The technology, which is already integrated into CaixaBankNow, CaixaBank’s online banking platform, detects alterations in customers’ habitual patterns of behavior during online transactions that could be the result of 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.
Through this partnership, CaixaBank is reinforcing its strategy of applying cutting-edge technology to the digitization 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. CaixaBank has been a global pioneer in the development of projects involving biometric technology, such as leveraging facial recognition at ATMs to make withdrawals without entering a PIN.
Source: Company Press Release