Sionic deepens fraud offering with Revelock solution
Sionic has deepened its fraud offering for banks with the addition of Revelock’s solutions to its portfolio. The partnership sees Sionic boost its expanding fraud detection service.
Gareth Evans, Sionic Director and head of the firm's specialist anti-fraud team said, “Revelock’s ability to detect and then pre-emptively block and respond to fraud attempts makes it a crucial addition to our fraud prevention portfolio. We’re excited about how this partnership will deliver key benefits to our clients, such as cutting losses incurred by fraud and reducing the workloads of their fraud teams.”
Sionic is a global consultancy specialising in financial services work, with a staff base of 300 based across North America, Europe and Asia. The company specialises in providing independent advice and professional services to banks and other financial services providers, and its financial crime and compliance team focuses on identifying and supporting the implementation of solutions to help its clients protect their infrastructures from attack. The move to partner with Revelock represents a significant step forward in this regard.
Revelock enables financial services and fintech companies to reveal and respond to online identity impersonation & manipulation attacks without hindering the customer experience. Whereas online fraud prevention has traditionally focused on identifying typical bad actors, Revelock’s solution works by leveraging advanced behavioural biometrics and hybrid-AI to create a BionicID for each user. Working like a digital fingerprint, this enables financial institutions to know every user at a granular level, while detecting behavioural and environmental anomalies while protecting customers from RATs, zero-day malware, bots and social engineering attacks.
“We’re delighted to partner with Sionic to make our technology more easily accessible to its world-renowned clients,” said Pablo de la Riva Ferrezuelo, CEO at Revelock. “Their expertise – so often gained through time on the frontlines facing the very attacks we are working to block – will be invaluable to us in our efforts to help financial services advance in the fight against online fraud.”
With many companies depending on digital platforms for their work in 2020, hackers around the world saw a major opportunity. With many firms having to rush to digitalise amid the pandemic, many overlooked holes in their cyber defence strategy, and as a result, estimated global losses from cybercrime hit just under a record $1 trillion for 2020, according to Center for Strategic and International Studies and computer security company McAfee. With so much on the line, financial services firms in particular are having to do more to strengthen their cyber defences for the new normal, which will see continued home working.
