buguroo's bugFraud has been recognized with Fraud Prevention Product of the Year
buguroo, a leading online fraud prevention and cyber security leader with 10 years of experience in cybersecurity for the banking sector internationally, today announced that its Fraudster Hunter solution has been named the winner of the “Overall Fraud Prevention Solution of the Year” award from CyberSecurity Breakthrough, a leading independent market intelligence organization that recognizes the top companies, technologies and products in the global information security market today. This is buguroo's second year in a row to win an award in the fraud prevention category in the annual CyberSecurity Breakthrough Awards program.
Online fraud attacks are continuously evolving and becoming more sophisticated in their attempt to bypass anti-fraud solutions. Current fraud prevention solutions focused on identifying the attack are proving ineffective against this threat; the solution also requires attacker or fraudster identification to check fraud at its roots.
Fraudster Hunter is a new, innovative bugFraud functionality that serves to identify the fraudsters already in a bank and to investigate how they operate in order to keep them at bay. bugFraud creates a unique ‘cyber profile’ for each user, a digital DNA built using thousands of parameters relating to the customer’s behavioral biometrics (including smartphone and mouse movements, keystrokes, device profiling, geolocation and malware records) that recognizes with a 99.2% accuracy, the real person hiding behind each user, including fraudsters.
By profiling the inherent human behavior, Fraudster Hunter uniquely identifies each person behind any account to protect them from any user impersonation or manipulation attack. With Fraudster Hunter, banks can connect the dots and understand how fraudsters behave, how they and their collaborators interrelate while hidden among legitimate users.
“As do customers, all fraudsters leave in their wake a behavior trail before committing fraud,” said Pablo de la Riva, CEO & Founder, buguroo. “Fraudster Hunter is able to detect suspicious interactions and events used to understand how potential fraudsters behave and how they mingle with legitimate customers, to always stay one step ahead of fraud. We are excited to roll out this new solution and receiving this CyberSecurity Breakthrough Award is a tremendous honor.”
The mission of the CyberSecurity Breakthrough Awards is to honor excellence and recognize the innovation, hard work and success in a range of information security categories, including Cloud Security, Threat Detection, Risk Management, Fraud Prevention, Mobile Security, Email Security and many more. This year’s program attracted more than 3,500 nominations from over 15 different countries throughout the world.
“We know that every fraudster follows a pattern to commit fraud, and with FrausterHunter’s visual graph mapping of users, devices, networks and sessions involved in a fraud context, the solution allows bank analysts to gain intelligence about these patterns of fraudsters,” says James Johnson, managing director, CyberSecurity Breakthrough. “This solution is a powerful step forward in revealing complex fraud scenarios and predicting future fraud campaigns, and we are thrilled to once again recognize buguroo as a CyberSecurity Breakthrough Award winner.”
buguroo is a Spanish company with more than 15 years of fraud prevention experience and with a decided international approach having expanded into Latin America operating in Mexico, Colombia, Chile, Peru, Ecuador, Panama, Argentina, Dominican Republic and Brazil. In 2018 buguroo expanded their presence in Europe, spreading through Portugal, Italy and France. Their North American headquarters are located in Miami.
buguroo originated 10 years ago and today, global banks and financial institutions use buguroo to detect new online cyberattacks.
The company’s Deep Learning and advanced neural networks together with world-class team of cybercrime experts makes buguroo a first-class product to reduce online banking fraud. Every month, the buguroo monitor more than 10 millions of users. As a result, buguroo was named a “Cool Vendor” in 2016 by Gartner, Inc. for its buguroo bugFraud solution.
About CyberSecurity Breakthrough
Part of the Tech Breakthrough Awards organization, the CyberSecurity Breakthrough Awards program is devoted to honoring excellence in information security and cybersecurity technology companies, products and people. The CyberSecurity Breakthrough Awards provide a platform for public recognition around the achievements of breakthrough information security companies and products in categories including Cloud Security, Threat Detection, Risk Management, Fraud Prevention, Mobile Security, Web and Email Security, UTM, Firewall and more. For more information visit www.CyberSecurityBreakthrough.com