The Portuguese company Feedzai has bought the Spanish biometric platform Revelock to create the world’s largest financial risk management giant, through artificial intelligence. Thus was born the largest firm to combat bank fraud and protect businesses in which there is no cash.
Leader in its sector, Feedzai intervenes in the phase prior to the closing of the transaction, putting a security filter more developed with the aim that the hypothetical crime does not occur. Furthermore, the financial identity of the user in question is thus not jeopardized.
The acquisition of Revelock’s technology is the missing link in the Portuguese conglomerate’s strategy, which emerged in the heat of
the Lisbon Web Summit and of the businesses that the high-level technological meeting has facilitated since it moved from Dublin to the Portuguese capital.
The result will be to create the largest specialized network on the planetwith more than a trillion data points, sessions and profiles, plus the first-time use of third-generation artificial intelligence, giving consumers a maximum speed experience.
Of the global amount, 150,000 million data points will be mobilizeds to determine whether or not the transaction is considered fraudulent. This circumstance translates into a degree of reliability unparalleled so far, which gives a plus to the firm in question.
The functions are completed with the incorporation of cutting-edge artificial intelligence by Revelock, formerly known as Buguroo under the umbrella of Pablo de la Riva. It thus acts on the biometric behavior of all users, devices and sessions that connect to the system.
The anonymity of each intervention is essential to guarantee the success of the initiative, so that “people are treated as people and not as data”, in the words of the CEO who founded this company, who protects 800 million people in 190 countries. Unmistakable proof that the international spread of its activity has been a great success and it is in a high-level position.
Feedzai manages its own statistics, relative to the markets where it operates. Thus, it certifies that habits have been modified in relation to the use of money, especially in these times of pandemic. For instance, cash withdrawals at U.S. ATMs decreased 58% last year, while 41% of consumers substituted cash payments for transactions carried out over the internet or by telephone.
In addition, a survey of Zelle, North American electronic payment system linked to Bank of America or JP Morgan Chase, determines that 55% of the people consulted do not plan to use the cash outlay again. And it is that using the card (debit or credit) extends in geometric progression, among other reasons because it is much safer from a health point of view. This is where the rise of the services launched by Feedzai is inscribed and this is what explains, in part, its dominance in the world market.
The origin of this situation is in the start of the pandemic because many companies of different sizes had no choice but to place their orders based on digital payments and not on physical money. Nothing strange if we think that electronic commerce considerably reduces exposure to the coronavirus.
Individuals also made the leap to online operations, more than ever, but it is clear that the possibility of financial fraud was increasing due to the action of cybercriminals. It is the breeding ground for Feedzai to have been able to grow, thanks to a triple interaction in the sense of mitigating financial risk for customers, payment processors, banks and merchants. We are talking about the new bifurcations of the digital economy, which prioritizes guarantees because, otherwise, the user can stop buying on the website of this or that company and switch to the competition.
The CEO of the Portuguese firm, Nuno Sebastiao, explains it as follows: “Our goal has always been to make digital commerce safe for everyone. By incorporating Revelock, we are changing the paradigm from protecting transactions in real time to effectively preventing crime before it can happen. ”
According to their estimates, “more than 20% of the world’s money goes through the Feedzai platform.” And adds: “We protect the bank accounts of one in five people. So our clients’ customers have more secure access during their digital operations. ”