Driven by the social changes resulting from the unprecedented global pandemic cybercriminals are dramatically stepping up their phishing attacks across all business sectors. With over 40% of the recent increase in attacks being directed at financial services and ecommerce businesses.
Phishing attacks utilize social engineering and technical subterfuge to steal consumers’ personal identity data and financial account credentials. Social engineering-based schemes prey on unsuspecting victims fooling them into believing they are dealing with a legitimate business.
Technical phishing attacks insert malware onto devices to steal credentials intercepting them in-between the customer and the business or stealing them directly via counterfeit Web sites.
Phishing attacks are particularly insidious and are becoming harder to detect and stop. The financial rewards are significant, and the risks of arrest are low – all motivating factors for cybercriminals to attempt this kind of fraud. The increase in phishing attacks is yet another negative outcome of the pandemic and shows no sign of abating anytime soon.
"Phishing attacks and follow-on account takeovers they enable is lucrative, low risk and is a growing problem. Criminals utilizing targeted, and mass phishing campaigns filled with fraudulent links and ID stealing malware pose a serious business threat."
bugFraud is buguroo’s cloud-based fraud prevention solution that detects and alerts banks to manipulation and impersonation attacks against their customers. With the help of buguroo’s integrated web portal code and mobile app SDK bugFraud analyzes and detects illegitimate content or modified content displayed to customers. This approach ensures customers can only navigate to legitimate and secure sites that have not been altered or cloned.
bugFraud detects a phishing redirect or overlay (cloned page) attack from the moment a customer clicks on a link or has their navigation redirected. In addition to preventing customers from becoming victims bugFraud also alerts the organization so mitigating actions can be taken – from stepping-up login authentications, stopping the session or locking the account.
By using the bugFraud console fraud analysts can quickly identify the source of attacks by the attacker’s device information, network data and geolocation. These threat indicators can then be used by Fraudster Hunter to proactively and automatically block fraudster access to back office systems and additional victims.
buguroo’s phishing protection is delivered transparently and is completely effective at stopping redirect and navigation style phishing attacks. buguroo’s bugFraud protects customers in real-time, alerts the organization to immediate threats for remediation and allows for the use of known fraudster indicators to be utilized via Fraudster Hunter. buguroo is your best partner to help reduce online business risk, protect brand reputation, and most importantly stop customers from becoming victims.
Phishing attacks have more than doubled from 2019 to 2020 with over 200,000 phishing sites capable of hosting thousands of customized URLs, all leading to the same attack destination.
APWG Phishing Activity Trends Report 3rd Quarter 2020
buguroo’s cloud-based customer identification delivers a complete solution for detecting and alerting organizations of account takeover attempts – regardless of the attack type or source.
Financial institutions, ecommerce businesses, or any organization with a service or product that can be monetized should be protected from the growing account takeover threat. BionicID analysis delivers precise customer identification protecting organizations and their customers.
Customer BionicID data is collected and analyzed – in real-time – at every point in a customer’s online transaction session to prevent account takeovers at login or at any point during the session. When bugFraud detects anomalous activity, like unrecognized customer biometric activity it automatically sends an alert so additional actions can be taken from stepping-up authentication, stopping the session, or locking out the account.
bugFraud’s active phishing prevention capabilities provides the highest level of customer protection available. Keeping customers from accessing fraudulent pages or sites and allowing the organization to remediate active threats greatly reduces follow-on fraud team investigation time. Time that would be better spent utilizing Fraudster Hunter to track down and stop active fraudsters operating in back office systems.
Organizations do not need to install or maintain agents or standalone software on customers’ devices. bugFraud is completely transparent, protecting customers regardless of the device used to login to an account – PCs, laptops, tablets, or smartphones. buguroo’s phishing prevention solution delivers an invisible layer of protection to prevent phishing attacks and follow-on account takeovers. buguroo solutions increase customer security and convenience and are fully compatible with strong customer authentication technologies and government mandated privacy regulations (GDPR in Europe and CCPA in California, USA).