Startup spotlight: anti-fraud provider, buguroo
As we continue our series of flash interviews on startups to watch in 2020, we speak with Pablo de la Riva, CEO at anti-fraud solutions provider, buguroo.
What does buguroo do?
Since 2015, buguroo has specialised in developing anti-fraud solutions for the banking industry. Its solutions, which leverage artificial intelligence and deep learning models, today protect more than 50 million banking customers across the world from online fraud.
Using behavioural biometrics, buguroo is able to build unique profiles of each and every banking customer. Equivalent to their ‘digital DNA’, this information is derived from hundreds of sources, from the way a customer moves their mouse to the speed and rhythm with which they type their name. Once buguroo has built these profiles, it’s able to compare each online session against the user’s expected pattern of behaviour. In a nutshell, it enables the bank to weed out the fraudsters from legitimate customers, before they can do any damage.
What gives buguroo its competitive edge?
buguroo is the most accurate profiler of user behaviour, gathering information from the widest range of sources. Other vendors compare user sessions with the behavioural traits of groups or ‘clusters’ of users, whether it’s known fraudsters or typical customers. buguroo instead compares each customer’s interaction with the bank against their entire personal history, allowing buguroo to discover even the smallest of anomalies and deliver a risk score in real time – detecting fraud before it’s committed.
buguroo’s flagship solution – bugFraud – covers all fraud use cases in the market, and offers banks all three capabilities included in any comprehensive anti-fraud strategy; behavioural analytics, malware protection and device assessment - ensuring that banks can confirm users aren’t being impersonated or manipulated.
Furthermore, bugFraud works dynamically, from login to logout, monitoring customer behaviour throughout the session. If someone gains remote access to their device halfway through, buguroo can detect it and notify the bank.
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What was the last award buguroo won?
The last award buguroo won was for ‘Overall Fraud Prevention Solution of the Year’ at the 2019 Cybersecurity Breakthrough Awards for its innovative Fraudster Hunter solution.
Fraudster Hunter is a new functionality that’s available within bugFraud. Just like bugFraud is able to profile the unique behaviour traits of every banking customer, Fraudster Hunter enables it to repeat the exercise for cybercriminals. It works by identifying the fraudsters who are already active in the bank and building a unique ‘cyber profile’ for each one based on the way they operate.
This protects real users from impersonation or manipulation attacks, whilst banks can use the information to understand the ways in which the criminals behave in order to recognise and expose them when they try to attack.
Buguroo was also a finalist in the prestigious EIT Digital Challenge, making it one of the top 25 tech scaleups in Europe.
Is there any exciting news you’d like to share with our readers at Business Chief Europe?
buguroo recently secured US$11mn in series A funding led by cybersecurity-focused venture capital firm Ten Eleven Ventures, which is headquartered in Silicon Valley, California, as well as Spain and Latin America-focused venture capital firm, Seaya Ventures. Existing investors Conexo Ventures and Inveready Technology Investment Group also participated in the round.
The funding will help bring buguroo’s unique deep learning based online fraud detection to yet more financial services customers. It will also be used to accelerate product development. New features, as well as enhancements to bugFraud’s existing capabilities, will ensure that financial services companies can remain one step ahead of fraudulent activity, and that users are protected from login to logout, without impacting their experience of banking online.
What can we expect from buguroo in 2020?
In the short term, buguroo will focus on its expansion into new geographical markets. Equipped with a great track record in Southern Europe and Latin America, the company will now also target Northern Europe – particularly the UK, Germany and France – as well as the US.
In the longer term, buguroo remains focused on staying one step ahead of fraud, cutting it off at the root by proactively identifying fraudsters, as well as any fraudulent activity. The company is also aware that banks – and their customers – have little tolerance for security procedures and policies that create friction in the online experience, so buguroo is committed to protecting all fraud with the lowest possible impact on the user.
For more information on all business in Europe, please take a look at the latest edition of Business Chief Europe.
NetNumber: Time for a cloud-native transformation
NetNumber is accelerating the transition in the telecom industry to 5G as it starts a shift to cloud-native architecture to address the fast-paced demands of global subscribers and businesses.
NetNumber is offering the industry’s first cloud-native platform designed to ensure InterGENerational™ network performance addresses both the legacy and next-generation requirements of telecom networks.
“NetNumber has developed the industry’s most robust cloud-native, InterGENerational platform that addresses both the legacy and 5G requirements of telcos,” said Matt Rosenberg, Chief Revenue Officer of NetNumber.
The platform provides vertical and horizontal scale-out with low latency, coupled with a suite of data replication capabilities, which provide flexible architectural options that can evolve with the changing network over time.
“Cloud-based solutions from other vendors tend to be limited in terms of supporting particular network generations or protocols. We’ve created our latest platform TITAN.IUM to allow customers to take any generation of applications, any generation of legacy services and protocols and move them into the new world of cloud-native architecture,” said Rosenberg.
“This is a really important part for a carrier to harmonise their network, bring data services together, bring legacy with new together in order to make a more effective and efficient network, as well as reduce their cost as they scale forward,” he said.
Established in 1999, NetNumber has fostered a strong team environment that leverages the industry’s best skills to offer software solutions tailored for carriers of all dimensions. Based outside of Boston and with presence in over 20 countries, the company delivers a range of products that address all generations (2G, 3G, 4G, 5G) of network functions in the core network, deep rooted security products and services, STIR/ SHAKEN and set of options around data services in more than 90 countries.
Steeped in experience in building telecom solutions, software, protocol stacks, and integration of third party tools, the company’s development organisation has proven to supply to the industry with the most reliable and flexible solutions on the market.
“At NetNumber, we focus on our core competencies – we are dedicated to providing industry expertise in signaling, routing, security, subscriber management and data services. We provide customers a strong ROI through platform-based solutions that reduce Capex and Opex in the long-term,” commented Rosenberg.
Five reasons why customers choose NetNumber:
- Expertise - NetNumber has experts with deep knowledge in signaling/routing, security, and subscriber database management.
- Integration - An industry-first platform brings together domain services, applications, security, and global data services.
- Scale - NetNumber has the ability to seamlessly increase network efficiency using vertical and horizontal scaling.
- Speed - World-class solutions have the power to help companies create new service offerings and accelerate time to ROI.
- Savings - Customers enjoy significant savings in capex and opex, flexible deployment models, and investment protection.
NetNumber and Virgin Mobile MEA
“We're very proud of our partnership with Virgin Mobile MEA as they've taken the concept of the InterGENerational platform into their regional network strategy,” commented Rosenberg. “That’s accelerated how they develop exceptional services across the Middle East and Africa region.
“We work with them hand-in-hand to deliver multiple applications onto our platform which has enabled them to provide exceptional, advanced and innovative services to their customers across the Middle East, who demand high quality services.
“What they've really taken advantage of is scale. What I mean by that is they are putting multiple generations of applications and services onto the same platform and distributing that data across their network. That has resulted in an advantageous position of time to market and operational savings.
“Rather than having different applications for many different vendors that cause operational chaos, they've been able to consolidate that and reduce their operating costs by having everything on one common architecture. We’ve had a long-term relationship with Virgin Mobile in Saudi Arabia, and recently signed an agreement with Virgin Mobile in Kuwait.”
Rosenberg says that with these solutions, Virgin Mobile MEA can take advantage of getting to the market much quicker and faster—which is what today’s discerning customer demands.