Fraudster Hunter

  • Product Reviews
  • 19.11.2020 02:34 pm

buguroo’s behavioural biometrics-driven analysis tool boosts the power of fraud detection and allows fraud analysts to provide extensive prevention coverage by intelligently leveraging previously identified fraud threats.

Who needs the product?

Banks have seen a rise in online fraud in recent years as fraudsters continue to take advantage of readily available identity data, anonymising tools, bots and mules. Covid scams have given fresh impetus to these fraudsters, especially those targeting the underbanked.

The problem with new technologies designed to stop evolving forms of fraud – be that through AI, network data or malware analysis – is that they do just that: stop individual fraud attempts. Today, banks need more sophisticated tools to reveal the bigger picture of malicious activity, uncover larger systematic fraud campaigns and build resilience – even deterrence – against future fraud attempts.

What does the product do?

Fraudster Hunter is an innovative capability of the buguroo platform that alerts banks’ in-house teams of any suspicious behaviour and enables comprehensive link analysis powered by the unique digital DNA profile, or BionicID buguroo generates for every user – customer and fraudster alike. Fraud teams can then uncover hidden relationships and patterns between users, devices, IP addresses or sessions indicative of major fraud campaigns in the planning or execution phases.

Fraudster Hunter builds a BionicID for each criminal attempting to target their systems based on thousands of parameters pertaining to the user’s behavioural biometrics – such as smartphone and mouse movements and typing rhythm – as well as geolocation and malware records. Using historic bugFraud data, Fraudster Hunter can quickly investigate and identify fraudster activity to help fraud teams rapidly visualise both legitimate and malicious connections to discover accounts being used to commit fraud, and those at high risk of being used for future crimes.

What other background features are relevant?

Policy Manager, the latest capability within Fraudster Hunter, provides flexible customisation and automatic identification for fraud teams. Once fraudsters are revealed, their identifiers can be used to create customisable fraud detection and prevention rules which actively scan all user transactions at every point in the customer journey. In the case of a match, buguroo’s platform automatically triggers alerts notifying the financial institution of potentially fraudulent activity. This enables banks to proactively and swiftly stop new fraud schemes, dramatically improve fraud prevention team efficiency and fraud detection rates, and maintain customer trust and brand reputation.

Additionally, Fraudster Hunter allows banks to catalogue and cross reference user BionicID information with customer data, helping to trace malicious activity back to individual actors and pinpoint accounts that have been set up or compromised by the fraudster – including linked mule accounts.

What awards have recognised the product?

In 2019, buguroo’s Fraudster Hunter solution was named Overall Fraud Prevention Solution of the Year at the CyberSecurity Breakthrough Awards, marking the second year in a row where buguroo won an award in the fraud prevention category in the awards programme.

In July 2020, buguroo was recognised for its “unique approach for online fraud prevention that no other competitor currently offers” when it received The Frost & Sullivan 2020 European Behavioural Biometrics Solution for Online Fraud Prevention Technology Innovation Award. More recently the company has been named to the latest ECSO Cybersecurity Market Radar alongside the biggest players in the market.

Case in point: Uncovering a network of 400+ mule accounts

There are many signals banks’ fraud teams can pick up on when scanning for anomalies in behavioural biometrics, which include:

  • Dozens of individuals using the same infrastructure on the same day and in the same timeframe – attacker is stealing from several victims at the same time
  • One device, multiple unrelated accounts being accessed at rapid speeds – a bot testing stolen credentials
  • One account, multiple BionicIDs – attacker impersonating the account holder using stolen credentials
  • One BionicID, multiple accounts – one attacker accessing multiple victim accounts. If one of these accounts is the attacker's own, the bank can locate the criminal

A single discovery in Fraudster Hunter can uncover hundreds of threats and help banks pinpoint the brains of the operation, potentially bringing a whole crime ring down in one go.

When one of Europe’s top three biggest digital banks contacted buguroo to help detect what it suspected to be a large number of mule accounts, Fraudster Hunter was able to profile the malicious actors through their behavioural biometrics, associated BionicIDs and geolocation information, before linking this activity to identify other fraudulently created accounts. In total, the bank uncovered a network of 425 mule accounts registered using stolen or synthetic identities and was able to freeze these accounts, effectively halting the campaign in real time. It now has information to detect any future activity by these same fraudsters.

Watch this video to learn how Fraudster Hunter works https://www.youtube.com/watch?v=g30roysBESo

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