Without a coherent and well thought out strategy, preventing fraud online can quickly become an expensive business.
In the past, companies have tended to simply throw money at the problem. Firms believe they need to buy a different preventative solution each and every time a new type of fraud occurs, in an effort to beat it back.
What’s needed, however, is a more holistic approach to preventing fraud online. Whereas many fraud prevention solutions will only alert customers to known threats once they’ve been spotted, bugFraud takes pre-emptive measures.
With its unique technologies, Buguroo’s solution focusses on the principle methods fraudsters use to achieve fraud online – the manipulation and impersonation of users – in order to stop them.
Why use behaviour biometrics?
One of the biggest challenges that companies face is identifying fraudulent activity online before fraud actually happens. bugFraud tackles this by looking at various factors around behaviour biometrics, device behaviour and user networks, to create unique cyber profiles for every single consumer.
Creating these ‘bionic identities’ for consumers involves studying thousands of behavioural biometric parameters, including the rhythm and cadence with which a user types, how they typically move their mouse, and the angle at which they hold their phone. The behaviour patterns that make up these profiles can’t be stolen, duplicated or reused, giving behavioural biometrics an advantage over other approaches that companies may have used to authenticate their online users in the past.
Real-time fraud detection
When it comes to detecting fraud in real time, bugFraud addresses two key pain points for customers. The first is around false positive rates concerning malware detection. By taking a baseline look at content changes across a customer’s site and mobile app, the solution identifies anything suspicious and immediately checks it for malware. The solution is therefore excellent at picking up zero-day malware and significantly reducing the number of false positives that get passed to customers.
Another important paint point concerns the detection of issues before fraud attempts are made. The Fraudster Hunter application offers companies post-fraud link-analysis. By spotting fraud patterns, and identifying compromised accounts before fraud occurs, this tool provides customers with the information they need to take proactive steps to protect themselves.
Response, not just detection
These attributes make bugFraud an attractive solution for financial institutions, which account for around 95% of Buguroo’s customers. According to Tim Ayling, the company’s Vice President Sales, banks in particular get excited when they see the possibilities of bugFraud’s behavioural biometric technology. “In many cases, our clients haven’t seen anything like it before,” he says.
“Unlike other solutions, bugFraud is capable of reacting to fraud risks, and responding to them. If we know there’s malware, for example, we can get rid of it without customers even knowing. If we see a phishing attack, we can redirect the victims back to our customers’ websites. These kinds of capabilities aren’t normal in our industry. And the fact that they’re completely invisible to the end user puts us ahead of the curve.”
Staying one step ahead
The innovative technology in bugFraud follows a breakthrough in fraud prevention over the past few years. AI-based techniques such as behavioural biometrics are now being used widely for profiling user behaviour online, and identifying anomalies. Some 33% of global financial institutions now invest in behavioural biometric tools, according to KPMG.
Solutions like bugFraud have fast become crucial for tackling online fraud because of the rate at which fraudsters’ techniques are becoming more sophisticated. The latest threats are now so advanced that companies need techniques like behavioural biometrics to determine not just what their users are doing online, which attackers can easily replicate, but how they’re doing it.