Learn more about Online Bank Fraud

How do you trust a customer you’ve never met? This is an issue banks contend with every day, as they try to detect and prevent fraud. 
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If just a few years ago the figures related to the presence of cyber fraud in companies were somewhere around 15-20%, numbers that were starting to represent a worrisome problem, today the figures have risen to 49% of companies that are affected internationally, according to data from the PWC audit.
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Behavioral biometrics is having its time in the sun. The financial sector has paid much attention to this innovative technology in 2020, particularly around its application to detect online fraud.
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Smishing is on the rise. In June of this year, Bank of Ireland customers were targeted by a string of smishing attacks. In August, the national center for cybersecurity in Brussels warned of a ‘tsunami’ of smishing attempts about to hit the country.
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Traditional online banking fraud prevention strategies focus on mitigating losses by targeting individual cases of fraud – for example by preventing a bad actor from creating a new account with stolen credentials.
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A few years down the line, when someone thinks of a bank robbery, they won't imagine a couple of guys entering a bank with guns. Shouting the famous line "This is a robbery, everybody get on the ground!" will no longer come to mind.
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With buguroo’s unique behavioral biometric customer identification capabilities, risky transactions can be rapidly and safely approved or denied, minimizing chargebacks while not getting in the way of legitimate transactions.
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We recently took part in a webinar with our partner, NICE Actimize, to discuss how they were incorporating our anti-fraud technology into their online security systems in order to better prevent online banking fraud.
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SIM swapping is an increasingly popular account takeover fraud that has in the past year, claimed high-profile victims including Twitter CEO Jack Dorsey and may have even been the reason behind Barack Obama and Elon Musk tweeting bitcoin scams as recently as mid-July. But it’s more than just public image and reputation that is on the line for victims of this fraud.
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A few weeks ago, a 17-year-old young man was arrested by the police for being behind the hacking of more than 130 Twitter accounts, including that of celebrities such as Bill Gates, Jeff Bezos or Elon Musk. This unprecedented hacking created a stir in public opinion and highlighted, once again, the danger we face: cyber fraud.
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