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Challenge

Cybercriminals are constantly adapting their tactics to compromise customer accounts for financial gain. Numerous technologies and techniques are in use today to access customer accounts and commit fraud.

Fueled by billions of breached credentials available from the Dark Web and consumers common failure to exercise password best practices creates a large attack surface. Preying on this vulnerability with automated bot driven credential stuffing attacks has become an ever-expanding threat.

Additionally, cybercriminals have become very adept at utilizing malware to capture customer credentials, grab device fingerprints or one-time passcodes (OTP) to takeover customer accounts.

Successfully taking over an account from a financial institution, e-commerce merchant, or any organization with a service or product that can be monetized is a considerable, and growing problem. 

"Account Takeover fraud is lucrative, low risk and is a growing problem. Criminals using billions of exposed credentials, bot technology and ID stealing malware pose a serious business threat."

 

Solution

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 dynamically profiles each customer, creating a unique BionicID.

bugFraud uses advanced neural learning algorithms to identify unique BionicID characteristics learning each customers’ behavioral patterns to detect anomalies. BionicIDs are comprised of thousands of parameters including a customer’s behavioral biometrics (smartphone and mouse movements, keystrokes etc.), device profile, application analysis, network, and geolocation data.

bugFraud starts detecting a likely account takeover attempt from the moment a fraudster opens a login page and enters a victim’s compromised credentials. No matter what or who is executing an attack –human or bot – bugFraud will immediately detect anomalies across several verification parameters. The most apparent of these is a customer’s known behavior, mouse movements, keystroke dynamics, typing fluency, touchpad pressure, finger size and gyroscope position all provide unique identifiers that are virtually impossible to spoof.

bugFraud BionicID analysis delivers a frictionless real-time detection of a wide range of anomalous activity, and in the case of an account takeover attempt alert the organization of the attack so mitigating actions can be taken – from stepping-up login authentication, stopping the session or locking the account.

buguroo’s Account Takeover protection is delivered transparently and is completely effective at stopping account takeover attempts reducing business risk, protecting brand reputation, and most importantly stopping customers from becoming victims.

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Account takeovers are up a staggering 72 percent over prior year. With total identity fraud reaching $16.9 billion (USD) in 2019.

Javelin Strategy & Research - 2020 Identity Fraud Report

Result

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.

 

Benefits

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Stop Customer Exploitation in Real-time

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.

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Contain Fraud Prevention Costs Ensuring Customers are Really Customers

bugFraud’s biometric analysis provides the highest level of customer verification available. BionicID verification is virtually impossible to spoof allowing bugFraud to keep pace with all forms of credential compromise, originating from bots or humans. bugFraud supports an omnichannel approach to protect customer accounts across all device types. Ensuring customers are legitimate minimizes lost revenue, brand damage, chargeback liabilities and fraud team investigation time.

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Transparent and Frictionless for Customers

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. Organizations can prevent account takeovers while increasing customer security and convenience. Using buguroo’s behavioral biometrics provides an invisible layer of protection for your organization against account takeovers and to keep your customers safe. Buguroo solutions are also fully compatible with strong customer authentication technologies and government mandated privacy regulations (GDPR in Europe and CCPA in California. USA).


If you require any further information, feel free to request a demo

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