Press Release

New capability allows banks to utilise forensic fraud signifiers to automatically identify fraudsters and prevent online banking fraud

buguroo, the leading provider of customer identification solutions to prevent online fraud for the financial sector, today announced the launch of Policy Manager as part of its latest product update. The new capability of buguroo’s fraudster identification tool, Fraudster Hunter, allows fraud analysts to provide extensive detection and prevention coverage by leveraging previously identified fraud threats. This actionable data can then be used to generate alerts to help stop in-progress fraudsters before they create new accounts, compromise existing accounts, and establish a network of mule accounts.

To comprehensively prevent fraud, banks need to identify and block its perpetrators. Policy Manager allows fraud analysts to employ a comprehensive range of discovered suspicious and fraudulent activity to proactively stop fraudsters. Fraud analysts can then utilise this data to create rules which actively scan all user transactions at every point in the customer journey in order to identify and alert on suspicious activity. In the case of a match, buguroo’s platform automatically triggers alerts notifying the financial institution of potentially fraudulent activity. This allows them to take the appropriate action – ranging from stepping up authentication to terminating the transaction – depending on the level of risk. Analysts can store rules and use them to build complex, customised fraud prevention campaigns to actively scan for any combined set of fraud attacks.

“Fraudster Hunter’s new ability to proactively stop fraud using proven fraud identifiers greatly improves fraud prevention team efficiency,” said Pablo de la Riva, CEO, buguroo. “We’re excited to be able to offer a proactive approach to fraud prevention that is automatic, flexible, and scalable, and that will make a real difference in eliminating fraud and protecting financial institutions and ultimately the consumers they serve.”