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 without adding friction to the customer experience. 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.
Collaboration with start-ups
The project is also the result of the bank's commitment to a strategy of collaboration with start-ups, which enables the bank to improve its agility and efficiency in innovation, speed up the time from idea to implementation, and identify talent. In turn, for start-ups, collaborating with companies like CaixaBank allows them to scale quickly.
CaixaBank has been working with Revelock on digital security and fraud prevention projects since 2015.