The fraud prevention specialist buguroo is officially rebranding as Revelock. The company believes that the new name reflects its ongoing mission, in the sense that it reveals and pre-emptively blocks incidents of potential fraud.
To that end, Revelock utilizes behavioral biometrics to build a digital profile of each user. The solution can then analyze future sessions to spot activity that deviates from that profile, which could indicate the presence of a remote access tool, a bot, or some other form of malware. It could similarly help identify a fraudster, or determine whether or not someone might be the victim of a phishing or social engineering scam.
As it stands, stolen personal information is expected to account for $635.4 billion in fraud losses by 2023. Revelock’s solution is designed to reduce that number, providing ongoing passive authentication that does not rely on knowledge-based identifiers that can be lost or shared.
Revelock released an updated Fraud Detection and Response (FDR) platform while announcing its rebranding. The company also established a new Advisory Board to guide its operations moving forward.
“We were pioneers in using behavioral biometrics to fight fraud,” said Revelock Founder and CEO Pablo de la Riva. “This is a major milestone for the company as we lead the industry with an active defense approach and automation of both fraud detection and response.”
“Fraud teams need a proactive, ‘always on’ platform to prevent adversaries from taking over user accounts,” added cybersecurity expert and Revelock Advisory Board Chair Monica Pal. “Revelock provides a continuous, adaptive solution to silently verify authentic users while blocking bad actors again and again, making it too frustrating and expensive for these attackers to continue their attempts.”
Revelock recently noted that COVID-19 has led to an increase in the number of cyberattacks targeting the payments industry. With that in mind, the company has argued that its technology can help financial institutions comply with international data protection regulations.
April 21, 2021 – by Eric Weiss