Frost & Sullivan has recognized buguroo’s bugFraud solution with its European Technology Innovation Award for 2020. bugFraud is a behavioral biometrics platform that analyzes factors like screen pressure and typing speed to generate a unique profile for each individual user. All future interactions are then measured against that profile to help spot any anomalous activity.
bugFraud is designed for fraud prevention, and will assign a risk score to every interaction. The platform offers continuous, passive authentication, and covers everything from the initial onboarding process to the logins (and logouts) for individual sessions. It also includes a Fraudster Hunter feature that analyzes location data and device and network links to identify cybercriminals who have gotten around an organization’s security system in the past.
Frost & Sullivan indicated that Fraudster Hunter was a major factor in its awards decision. bugFraud is available for iOS and Android devices and does not store any personally identifiable information, which mitigates the threat of data breaches.
“bugFraud is the most complete solution in the market, built with tools to identify the widest range of impersonations and manipulation attacks,” said Industry Analyst Mohammed Riyaz Ahmed. “buguroo’s ability to secure a high number of online banking users and gain the trust of the largest banks in the world is proof of its ability to fight online banking fraud.”
buguroo raised $11 million in a Series A funding round in November. The Spanish company planned to use those funds to drive its global expansion, and it now has 11 global partners and provides anti-fraud services for nearly 30 customers in Latin America. More recently, buguroo set up an Online Banking Fraud Resources Center that allows consumers to report suspicious COVID-19 messages in an effort to clamp down on COVID-themed phishing scams.
Onfido was the winner of last year’s European Technology Innovation Award.