Financial intelligence network aims to secure the cashless economy

Over the last year there has been a significant move away from using cash. In the US alone ATM withdrawals are down 58 percent, 41 percent of consumers have switched from cash to online and phone payments, while 55 percent don't plan to switch back to using cash.

But while this is convenient for the consumer it opens up more opportunities for fraud and cybercrime. Financial risk management firm Feedzai is aiming to boost digital trust, by adding pre-transaction behavioral intelligence to prevent financial crime in real-time before it happens.

To achieve this Feedzai has acquired behavioral biometric platform, Revelock with the aim of building the world's largest financial intelligence network (FIN). Feedzai uses a vault of more than a trillion data points, sessions, and profiles of both good and bad actors. Checking data points against this vault can decide if a transaction is fraud or not. Revelock's technology adds biometric data to the mix. AI and machine learning expertise can then use this enriched information in models to create predictive intelligence to stop financial crime in real-time.

"Our goal has always been to make digital commerce safe for everyone. Adding Revelock to our clients' arsenal changes the paradigm from securing transactions in real-time -- something we were already doing -- to effectively preventing crime before it happens," says Nuno Sebastiao, CEO of Feedzai. "More than 20 percent of the world's money flows through Feedzai, and we secure the bank accounts of one in every five people. We already knew what transactions took place for more than 800 million consumers. Revelock adds the intelligence of how a transaction takes place. Combined with the why from using Feedzai's Responsible AI, we’re moving to the next level of machine precognition. As a result, our client’s customers have a safe pass throughout their entire digital commerce journey, making their experience faster, more private, and more secure."

What all this means is that banks, payment processors, acquirers, and merchants can get better insight into their customers and their transactional behaviors, allowing them to make more accurate risk decisions, faster and protect customers from cyber threats such as malware, phishing, and account takeover attempts.

You can find out more on the Feedzai site.

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