Voice of the Industry

Are you ready to find out if any of your existing users are fraudsters?

Tuesday 19 November 2019 08:25 CET | Editor: Anda Kania | Voice of the industry

Risk management in banking - Pablo de la Riva, the CEO of buguroo, reveals a way you can stay one step ahead of fraudsters, while also unmasking fraudsters within the banking digital channels

Online banking fraud is becoming increasingly unstoppable, despite all the massive monetary investment to prevent it. The main reason is the fact that fraudsters are always finding new ways to steal from banks and their customers. There are more and more new attacks, more sophisticated and targeted. According to a 2018 survey conducted by the market research firm Harris Insights & Analytics, bank fraud and online scams reached a record high in 2017, with over 60 million people affected in the US alone.

In such a scenario, the traditional solutions focus on blocking the cyberattacks, and aim to protect already-identified threats; and solutions that do not include Deep Learning mechanisms are proving to be inadequate. What banks need is an effective and agile fraud detection solution that can guarantee a user’s identity and identify the fraudster behind the attack, no matter which fraud tools and techniques or procedures are used, or at what moment the fraudster hijacks the banking session.

According to a recent report from RSA, more than 30% of online banking fraud is carried out from the accounts of supposedly legitimate customers controlled by fraudsters.

The know-how of knowing your fraudster

Knowing your customer is important not just for commercial purposes, but also for preventing online fraud. In this sense, buguroo has created a user-centric solution that creates a unique ‘cyber profile’ for each user – a digital DNA built by using thousands of parameters relating to the customer’s behavioural biometrics (including smartphone and mouse movements, keystrokes, device profiling, geolocation, and malware records) that recognises with a 99,2% accuracy the real person hiding behind each user, even the fraudsters.

Since each user is unique, so are the negative actors and the pattern they follow to commit cyberattacks. Connecting the dots and understanding how fraudsters behave, as well as how they interrelate with legitimate users, will help your bank to unmask and track potential criminals and their collaborators hidden among legitimate users, delivering actionable intelligence with which to corner them and cut fraud at the roots.

Following our approach in the market, buguroo launched a functionality called ‘Fraudster Hunter’, within its bugFraud 4.0 solution. The goal of the solution is not only to stay one step ahead of fraudsters, but also to discover and unmask the scammer within the banking digital channels. This functionality has been conceived to increase and reinforce the already proved benefits of the bugFraud solution, in the fight against online fraud.

Fraudster Hunter is able to interrelate – through a map of graphs – users, devices, networks, and sessions involved in a fraud context. This allows the obtaining of information about the fraudsters presence in the online channels, as well as information about those hidden behind different masks, thus unveiling complex fraud scenarios and predicting future fraudulent campaigns.

Increasing the visibility and insight of your users is critical to detect the presence of criminals in your bank, to proactively make decisions and take the proper actions in real-time to keep out the fraudster communities from your online channels.

This frictionless solution secures banking transactions behind the scenes, without delivering any alerts that might alarm the user. It also enhances user experience thanks to a reduction in authentication challenges, which does not oblige users to install anything or to store confidential or private user data.


In order to stay ahead of the bad guys, antifraud solutions need to change the approach they use to fight online fraud. Fraudsters are always working on different and more sophisticated ways to steal money from bank accounts – once one is blocked by an antifraud solution they will put another technique in place.

With the new buguroo approach focused on identifying and stopping the fraudster, not only on preventing the attack itself, banks can be safe and protected. As a result, the fraudster will be detected and identified once accessing their digital channels, so they won’t be able to implement any technique to steal money from the bank.

This editorial was first published in the The Fraud Prevention and Online Authentication Report 2019/2020, which depicts valuable insights into fraud detection, risk management, data intelligence and machine learning, and ways to tackle into where is fraud heading to after PSD2’s Strong Customer Authentication.

About Pablo de la Riva

Pablo de la Riva founded his first company when he was 21 years old – a security consulting firm – and buguroo is his first software startup experience. He has been working in the anti-fraud sector for almost 15 years, first as a cyber-security analyst, then as a team leader, later as CTO with almost 200 people reporting to him and now as CEO.

About buguroo

buguroo was founded in 2004 to develop cybersecurity and disruptive anti-fraud solutions, always keeping abreast of the latest market trends. Today, buguroo is the mastermind behind the most comprehensive solution for online fraud prevention known as bugFraud. Thanks to this product, companies with high Internet exposure across the globe protect their customers in real time from phishing, malware, and account takeover.

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Keywords: buguroo, fraud prevention, risk management, banking fraud, cybersecurity
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime

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