buguroo and Lookout Partner to Mitigate Cyber Threats
This new strategic partnership aims at providing a cloud-based, deep learning approach to mitigate cyber threats and fraudulent activities on mobile apps and online channels in real-time.
FREMONT, CA: As mobile payments are beginning to transcend in many markets, mobile financial fraud is equally rising. Fraud is common in all financial services, but now one-third of all fraud attacks are targeting mobile devices. “Online banking fraud has reached a new level of sophistication where fraudsters are taking over the accounts of legitimate customers to commit fraud,” says Pablo de la Riva, Founder, and CEO of buguroo. A study shows that mobile fraud transactions have increased by 600% in just three years.
There is an immediate need to fight against this and protect consumers; The new partnership Lookout and buguroo presents a defense and fraud protection solution through a holistic mobile app. This partnership provides enterprises with threat detection across the entire mobile attack surface utilizing analysis of behavioral biometrics. The compromised devices could be unsafe networks or malware among many others. It also detects online fraud across channels.
Lookout App Defense detects different types of cyber threats that can lead to account takeovers such as credential theft, data leakage, and fraud and makes sure that a mobile banking app is PSD2-compliant. It ensures that customers are secured to execute financial transactions on their mobile phones. Lookout Security Cloud has analyzed over 70 million mobile apps globally while delivering mobile app protection to counter various threats such as user impersonation, trojanized versions of legitimate apps and network attacks, Malware overlay attacks and data leaks.
“We are excited to announce this partnership with buguroo. This partnership provides customers the ability to enhance the security posture of their mobile apps, as well as enrich their fraud and risk scores, both of which are needed to combat data compromise and fraud across web and mobile channels” said Satendar Bhatia, SVP of Embedded Software Sales at Lookout.
buguroo uses advanced behavioral biometrics algorithm that analyzes thousands of parameters collected from the user’s biometric behavior, devices, and the environment. It includes finger size, pressure, speed, gestures, typing fluency, gyroscope position, OS, geolocalization, and more to build a unique profile per user, to detect attack attempt or anomalies in the customer’s behavior. This type of analysis appears to be a real-time risk analysis rate on the session, thereby taking appropriate actions regarding suspicious or anomalous user behaviors.
“Our partnership with Lookout makes this the most powerful solution in the online fraud detection market because it detects all the online fraud use cases on both mobile and web channels. Companies will have full online fraud protection while improving their end-user experience by reducing enrollment processes and Multi-Factor authentication challenges," said Pablo de la Riva, CEO and Founder of buguroo.
buguroo was featured in CIOReview as one of the 20 Most Promising Banking Technology Solution Providers 2019.