buguroo launches enhancements to new account fraud preventionOnline fraud prevention specialists buguroo have announced enhancements to its new account fraud prevention capabilities
These enhancements to buguroo‘s anti-fraud solution, bugFraud, are being made in order to help banks distinguish genuine customers trying to open new bank accounts from cases of new account fraud.
The solution will now leverage deep learning techniques in order to analyse customer onboarding sessions in real-time, and banks will be alerted if any suspicious behaviour is detected.
This would include a difference to usual speed of the application process, which may suggest that the user is a fraudster who has completed the process frequently before.
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Also included in the updates is analysis of user environment, with alerts being sent to banks if devices used and geolocation differ from normal or if malware or any software anomalies are detected.
“New Account Fraud is growing in popularity with cybercriminals because they know banks find it difficult to spot and stop,” said Pablo de la Riva, CEO of buguroo. “Some banks even turn a blind eye to it, because they’re worried that anti-fraud checks will slow down the new customer onboarding process to the point when customers will give up.
“However, the rising cost of new account fraud means banks can no longer ignore the problem. Our new capabilities have been designed to accurately identify fraudsters in real-time, helping banks avoid these losses without impacting the experience of their valued customers.”
bugFraud is available on its own or in collaboration with more traditional fraud checking methods, such as ID documentation and physical biometrics.
RSA Security has estimated that fraud is 15 times more likely to originate from from a new bank account than one that is over 30 days old.
Additionally, it’s been found that 48% of fraud value comes from new accounts, despite only making up 0.3% of fraudulent transactions.
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Madrid-based buguroo, founded in 2010 and delivering fraud prevention solutions since 2015, recently warned of three harmful mobile applications, Camero, callCam and FileCrypt Manager, that take advantage of the Android Binder vulnerability and are available through Google Play.