LONDON, July 14, 2020 /PRNewswire/ -- Frost & Sullivan has recognized Spanish start-up, buguroo, as the market leader in online fraud prevention with the 2020 European Technology Innovation Award for its solution, bugFraud. The award comes as a result of Frost & Sullivan's in-depth analysis of the different European behavioral biometrics solutions available in the online fraud prevention market.
bugFraud is the most comprehensive fraud prevention solution on the market. It works by uniquely leveraging deep learning and behavioral biometrics alongside device assessment and advanced malware detection to create a unique CyberDNA profile for each user. By gathering information surrounding thousands of parameters relating to behavioral biometrics – including screen pressure, typing speed and fluency, mouse movements, gyroscope position and more – and environmental and device information, bugFraud comprehensively and intelligently identifies fraudsters, protects legitimate users, and ensures data security and privacy.
Instead of comparing user behavior to groups, or 'clusters' of users, bugFraud analyzes the customer's behavior patterns against their entire personal history, and then categorizes each subsequent login session based on the collected data. bugFraud's cutting-edge deep learning technology is then used to generate a risk score for the bank in real time. bugFraud's continuous authentication extends from the bank's onboarding process to the customer's login to their logout, meaning buguroo can detect anomalous and fraudulent behavior at any point in the user journey.
The user's behavior-based data, along with environment information, is analyzed and checked to detect any anomaly or deviation.
"bugFraud is the most complete solution in the market, built with tools to identify the widest range of impersonations and manipulation attacks. But the key differentiator that clinched it for buguroo is Fraudster Hunter, a truly pioneering feature of the solution, which is specifically designed to identify the harmful actors and fraud groups that have broken into a bank's security and exploited the system," said Mohammed Riyaz Ahmed, Industry Analyst. "With this unique capability, buguroo performs an in-depth threat analysis of each user's behavior, including assessing the links between devices, networks, location data, and online banking activities and typical user behavior. By performing this link analysis, Fraudster Hunter enables the bank to identify the fraudsters in its system in real time."
bugFraud provides full protection on the mobile banking channel for iOS and Android devices. However, significantly it does not handle the customer's personally identifiable information, eliminating the risk of data breaches and ensuring compliance with data protection regulations such as General Data Protection Regulation (GDPR) and California Consumer Privacy Act (CCPA).
"Furthermore, buguroo has built an extensive network of 11 global partners, including original equipment manufacturers (OEMs) and resellers, and is currently generating significant revenue from Latin America, where it has close to 30 customers," noted Ahmed. "buguroo is pulling away from the pack – the company's ability to secure a high number of online banking users and gain the trust of the largest banks in the world is key proof in itself of its capability to comprehensively fight online banking fraud."
Each year, Frost & Sullivan presents this award to the company that has developed a product or solution with innovative features that is rapidly gaining widespread acceptance in the online fraud prevention market. The award recognizes the quality of the solution and the customer value enhancements it enables.
Frost & Sullivan Best Practices awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research to identify best practices in the industry.
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Headquartered in Madrid, Spain, and with offices in the US, UK, Mexico, Brazil, Poland, and Colombia, buguroo helps protect more than 50 million banking customers across the world from online fraud. The company's flagship anti-fraud solution, bugFraud, utilises deep learning technology combined with behavioural biometrics, device assessment, and advanced malware detection to create a unique profile of each customer, enabling banks to continuously check that the user is who they claim to be and is not being manipulated by fraudsters.
SOURCE Frost & Sullivan