Buguroo teams up with Puleng Technologies to boost SA banking industry’s defences against online fraud
Buguroo’s industry-leading behavioural biometrics solutions now available in South Africa.
Buguroo, the online fraud prevention specialist for the financial sector, and Puleng Technologies, a trusted advisor and a market-leader for the design, implementation and support of user, data and cyber security architectures, [CA1] have announced a formal partnership designed to reduce the impact of online bank fraud in South Africa.
As part of the deal, Puleng Technologies will exclusively offer and support buguroo’s industry-leading behavioural biometrics solution – bugFraud – to its banking clients in the region, helping them to proactively identify and stop fraudsters attempting to access customer accounts.
Digital bank fraud is a growing problem in South Africa. In 2018 alone, the South African Banking Risk Information Centre (SABRIC) reported a 75% increase in fraudulent incidents targeting online and mobile bank account-holders, costing an estimated R262.8 million.
2020 has seen a further spike in criminal behaviour, as fraudsters focus on COVID-19-related phishing campaigns to steal user credentials, as well as distribute malware that will allow them to hijack online banking sessions, known as Account Takeover (ATO).
Buguroo’s flagship anti-fraud solution, bugFraud, tackles these challenges by identifying fraud during the entire customer journey in digital banking channels, from login to logout, and even during the onboarding phase. It combines device assessment, malware detection, as well as advanced, machine learning-based behavioural biometrics, to continuously ensure the bank customer is who they claim to be and is not being manipulated by a fraudster. It is the only solution on the market today that builds unique biometric profiles for each and every banking customer; boosting banks’ abilities to prevent online fraud, as well as ensuring legitimate account-holders have a frictionless online banking experience.
Another unique feature of the bugFraud solution is Fraudster Hunter. This allows banks to build up unique profiles of the fraudsters discovered in their infrastructures, providing them with the intelligence to proactively prevent similar campaigns in the future. The tool’s link analysis capabilities also enable banking organisations to unveil complex fraud rings operating within their infrastructures; for example, where a single fraud ring is controlling multiple mule accounts to run money laundering operations.
“Fraudsters are getting more and more sophisticated – both in the technologies they deploy and the psychological tricks they play on people – so it is vital that banks can get one step ahead of them by using the best possible online fraud prevention technologies available today,” said Muhammed Mayet, CEO, Puleng Technologies.
“Buguroo offers just that, and its anti-fraud technology is already widely deployed by leading banks in Europe and Latin America. We are delighted to be teaming up with the buguroo team to offer its industry-leading behavioural biometrics solutions to banks in South Africa too.”
“Puleng has a long history of helping banking organisations secure their infrastructures against an array of emerging threats,” said Tim Ayling, vice-president, buguroo. “Puleng’s deep expertise and local market knowledge will play a vital part as we introduce our innovative bugFraud solution to the South African market. Puleng’s dedication to understanding our technology – and how it can be applied in its customers’ environments – places us in a fantastic position to help reduce the impact of fraud in the country.”
For more information on Puleng’s support of bugFraud, please visit http://www.puleng.co.za/solution-esm-cic.html