Provides card issuers with fast and accurate risky transaction verification
MADRID, Sept. 24, 2020 /PRNewswire/ -- buguroo, the leading provider of customer identification solutions to prevent online fraud for the financial sector, today announced its 3D Secure solution to enable credit and debit card issuing financial organizations accurate and frictionless 3D Secure risky transaction verification. The new solution utilizes behavioral biometric analysis to quickly identify fraudulent eCommerce, Card-Not-Present (CNP) transactions and prevent lost revenue for card issuers and merchants.
The new 3D Secure offering – part of buguroo's unique behavioral biometric customer identification capabilities – detects CNP fraud at the point of the 3D Secure verification challenge. It analyzes a user's keystrokes comparing them to known customers and fraudsters, helping card issuers rapidly and safely approve or deny risky transactions and avoid chargeback liabilities due to compromised card information – all without impeding legitimate transactions.
"The 3D Secure payment authentication system was designed to reduce CNP fraud but many questionable transactions based on high-priced purchases, new devices or locations are not fraudulent and require an additional level of verification," said Pablo de la Riva, founder and CEO, buguroo. "The buguroo 3D Secure offering is a go-to solution for card issuers looking to minimize fraud costs and ensure legitimate customers enjoy frictionless online transaction experiences."
buguroo's anonymized user data technology ensures compliance with cybersecurity industry standards such as the European Union's Strong Customer Authentication laws, PSD2 and GDPR.
Headquartered in Madrid, Spain, and with offices in the US, UK, Mexico, Brazil, Poland and Colombia, buguroo helps protect more than 64 million banking customers across the world from online fraud. The company's customer identification and fraud prevention solution utilizes Deep Learning technology combined with behavioral biometrics, device assessment and malware detection to create a unique profile of each customer, enabling banks to continuously check that the user is who they claim to be and is not being manipulated by fraudsters. It offers anti-fraud protection at all parts of the customer journey, from login to logout and during the onboarding process.
Specializing in developing online fraud prevention solutions since 2015, buguroo's investors include Ten Eleven Ventures, Seaya Ventures, Inveready Technology Investment Group and Conexo Ventures.
For more information visit: www.buguroo.com.