Pablo de la Riva, Founder & CEO
The business world is inundated with increasingly varied, sophisticated, and dangerous online fraud schemes from all angles. The situation is grave for the online banking ecosystem. Traditional antifraud solutions typically secure data by limiting visibility to it; however, this method leaves several blind spots, which can be exploited by fraudsters. While risks pertaining to frauds remain deeply entrenched in this realm, banks should look beyond traditional solutions to adopt proactive risk detection. In the face of the pressing demand for a transparent and secure online banking environment, buguroo steps in with its comprehensive online fraud detection solution. “Our solution provides maximum security to online banking to detect and prevent online fraud, without affecting user experience. At the same time, it allows us to analyze biometric patterns in both customers and fraudsters using big data analysis of fingerprints to detect future cyberattacks,” explains Pablo de la Riva, CEO & Founder of buguroo.
While each bank operates differently, their connecting link is the number of users whose personal data is regularly used on the website for financial transactions. The realization that people are usually targeted during user authentication or authorization led buguroo to develop it fraud detection solution, bugFraud, to collect data over the duration of the entire netbanking session and protect the system data. “Our solution’s user-centric vision profiles fraudsters by identity-proofing each of them,” says de la Riva. “We realize the importance of individualizing each patron instead of grouping them into clusters.” bugFraud uses AI models for each registered consumer to avoid generalizing its clientele.
bugFraud tracks each user’s interaction with the customer website, mobile app, and the network used. It looks into the usual geolocation, reputation, and anonymization patterns to recognize suspicious behavior patterns when a user is being impersonated.
Behavioral biometrics is also leveraged to identify whether a patron’s profile is taken over by an imposter. This technique has proved useful in detecting the attacks of TrickBot, a popular Trojans, in real time. Even Account TakeOvers that use phishing, malware, fraudulent phone calls, keylogger, and other techniques to control a user’s online banking can be perceived immediately using biometric analysis. bugFraud focuses on determining the authenticity of the user to protect his account from fraudulent activity.
Our solution’s user-centric vision profiles fraudsters by identity-proofing each of them
buguroo’s precise Deep Learning models help its solutions in adapting faster to the ever-changing fraud landscape than Machine Learning traditional models. “While static AI or machine learning based models prevent necessary adaptability, buguroo uses hybrid models where Deep Learning facilitates precise responsiveness and keeps pace with changing user behavior,” explains de la Riva. bugFraud employs Deep Learning together with its holistic view to create a digital fingerprint to defend its customers’ systems against multiple attacks, regardless of their nature. The effective malware detection approach avoids false positives and minimizes fake negatives to detect even the most sophisticated threats. bugFraud’s transparent countermeasures automatically protect its customers against attacks like RAT, MitB, webinjects, ATO, and Phishing. Alternately, it reports the attacks to third-party systems like transaction monitors and SIEMs to mitigate the risk. With the awareness that frauds often take place across various segments of society in different regions, buguroo allows its customers to create models of millions of users from across the globe. Its robust and scalable models utilize shared intelligence networks based on the profiling of each individual digital fingerprint.
Moving ahead, buguroo aims to use the digital fingerprint to identify fraudsters moving laterally between companies to help its customers prevent malicious attacks as well as identify those involved in the fraud. “We seek to know each end-user as a biometrically unique entity to offer a secure environment to our customers without affecting their user experience in any of their devices,” de la Riva says. Besides global expansion, buguroo aims to create specific solutions for cryptocurrency, e-commerce and Fintech customers.