With signs that online banking fraud is on the rise amid the COVID-19 pandemic, Buguroo is offering to investigate suspicious messages for free.
The company has set up a new “Covid-19 Online Banking Fraud Resources Center” on its website, where it promises to offer regularly updated information about the latest fraud and social engineering campaigns. Perhaps more importantly, it’s also inviting individuals who receive suspicious COVID-19-related emails, SMS messages, and social posts to report them directly to the company, which will have its team investigate the messages free of charge. Users can do this by contacting Buguroo via email at email@example.com, and if the company finds the message to be a credible threat in terms of phishing or fraud, it will tell the user, and may also alert the proper law enforcement authorities.
“Consumers all over the world are being bombarded with emails, text messages and social posts offering a wide range of Covid-related advice and products – we’ve seen everything from discounted hand sanitizer to eligibility for a tax refund – many of them a ruse to get the recipient to give up their personal data and bank details,” explained Buguroo CEO Pablo de la Riva in a statement announcing the service. “Some of these attempts are so audacious and convincing that it’s hard to spot if they are bogus; we hope our new online resource center will make it easier for consumers to make that distinction and stay safe.”
Buguroo says that between January and March of this year, it saw a 75 percent increase in the number of online banking sessions in which suspicious user behavior was detected. Known for its behavioral analytics technology, the company says it monitors such channels for fraud on behalf of some of the world’s biggest banks.
Buguroo’s Covid-19 Online Banking Fraud Resources Center can be found on its website.