Security News > 2020 > January > buguroo enhances its bugFraud solution with New Account Fraud prevention capabilities

Buguroo, the online fraud prevention solutions specialist for the financial sector, unveiled further capabilities that make it easier for banks to identify fraudsters attempting to open new bank accounts.

These enhanced New Account Fraud prevention capabilities - included in the latest version of buguroo's bugFraud solution - employ advanced deep learning technologies to analyze new customer onboarding sessions in real-time, analyzing each user's behavior and environment without adding friction to their journey.

Analysis of user environment; the solution analyzes geolocation, device and network data to establish that the user is who they claim to be, alerting on unexpected/known fraudster devices, network/device reputation, software anomalies, presence of malware and/or bots.

"New Account Fraud is growing in popularity with cybercriminals because they know banks find it difficult to spot; some even turn a blind eye to it, because they're worried that anti-fraud checks will slow down the onboarding process to the point where customers give up," said Pablo de la Riva, founder and CEO, buguroo.

"The rising cost of new account fraud means banks can no longer ignore the problem."

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