Spain-based Caixabank and startup Revelock have developed an artificial intelligence solution for fraud prevention, the companies have announced. The technology is designed to detect anomalies in user online behavior patterns and identify potential threats accordingly.
The technology has already been implemented in CaixaBank’s digital banking channel, CaixaBankNow. When integrated into digital banking channels, the technology is deployed to spot changes in habitual customer browsing and transaction patterns.
The technology continually monitors transactions and flags suspicious activity immediately to ensure customers remain protected as they undertake online transactions. The artificial intelligence technology can identify attempted fraud by cybercriminals across different techniques and methods.
The collaboration adds to the tool banks have to prevent fraud. In addition, CaixaBank has also introduced other security measures within banking channels, such as biometrics and hidden identification security technology, to protect customers.
By working with startups already in the fraud prevention space, such as Revelock, CaixaBank has quickly and easily deployed the artificial intelligence solution as an added layer of digital security detect and prevent chargebacks and other forms of online fraud.