In recent time, cybersecurity is aggressively contributing to the IT field concerned with reducing organization’s risk and data break. Along with antifraud solutions, the demand for cybersecurity is increasing rapidly as a professional security tool in all industrial age to manage the volume of the database, consumer data of finance, healthcare, and retail.
Buguroo is one such leading company, manufactures software that combats online fraud. The firm also develops cybersecurity and anti-fraud solutions for the protection of various sectors with high internet exposure.
Buguroo collaborates with its customers using cutting-edge technologies so that its users can operate it on the Internet with absolute confidence. The company’s ultimate vision is, “We want to be a global benchmark in the development of highly effective, disruptive antifraud solutions for our customers.”
Trailblazer of the Company
Pablo de la Riva is the CEO & Founder at Buguroo. He founded Buguroo at the age of 21 as a security consulting firm and initiates as his first software startup experience. Pablo holds vast experience working in the anti-fraud sector for almost 15 years, first as a cyber-security analyst, then as a team leader, later as CTO with almost 200 people reporting to him and now as CEO.
Adding insights on Buguroo, Pablo state that, “We do this in a way that is transparent for users. They don’t have to install anything, or update anything, and it doesn’t matter what system or device they are using. We make our solutions unique, where we can detect any type of fraud online, whether known or unknown because our global user vision is so complete.”
“For this purpose, we use techniques such as deep learning, behavioral biometrics, and data analytics, which are a very positive trend and have a great future, and not only in the online fraud field,” adds Pablo further.
Buguroo’s journey has followed a road less traveled. The company was founded with a different concept from what it is now; it grew in a way that is more typical of service companies than software manufacturers, launching various product lines simultaneously. This made Buguroo to its change direction drastically and chooses a complete focused strategy, something more along the lines of standard software manufacturer evolution.
Surmounting Challenges through Strategies
Pablo has also shared his insights about today’s industrial traits and how they are tackling them through strategies. Further, he states, “I think the biggest challenge right now is fighting against the diverse range of online fraud types. Depending on the bank, on how it challenges users, its own operatives, and even depending on the attacker’s knowledge of a particular bank, the methods used are different. So, covering this diversity, in addition to understanding that each customer is different and has its own particularities, means that today this is the industry’s biggest challenge.”
Overcoming these challenges Buguroo sets strategy based on a broader user vision than that of its competitors. According to the company, cyber fraudsters always find small cracks between the elements covered by online applications, which means that offering comprehensive coverage gives them an important edge. Plus, it gives its customer the peace of mind of knowing that they have a solution for any type of online threat.
Implanting Major Security Trends
There are two major trends in this segment such as:
On one hand, the manufacturers who launched solutions years ago, designed to avoid user manipulation. Currently, these solutions have become much less effective, given that the cyber fraudsters have evolved their threats and these solutions, on the contrary, have evolved less.
And on the other hand, the new biometric user identification trend, to avoid account access when the person is not who they say they are. Buguroo understood that there were significant advantages that raise them to contribute to both trends, given that the firm had different ideas on how to address the problem.
Bugfraud: A Holistic User-Centric View to Prevent Online Banking Fraud
bugFraud is an online fraud solution, which uses Deep Learning and User Cognitive Analytics to detect and prevent emerging threats to digital banking users. This solution is used to detect suspicious users as well as prevent future attacks from happening on web and mobile device applications.
Also, bugFraud creates a hub where all the data is gathered and analyzed to give its customers the more comprehensive and accurate view to prevent online fraud. The bugFraud specializes in deep learning with human intelligence, 100% customized for bank sites, flexible deployment, and along with bugFraud hub.
Present Industry Scenario
Sharing insights on existing industry trends, Pablo mentions that, “I believe this is a very exciting time, with the banks undergoing a complete digital transformation and with important threats for them in the future that will mean they have to invest a lot of money in very innovative solutions to prevail over the new trends, such as Fintech, cryptocurrencies or the major technologies that are positioning themselves to offer banking services.”
“This will open up a lot of new alternatives, whether from the standpoint of usability and experiences for users, or opportunities for cybercriminals. This is why we are so highly motivated to do research and develop new solutions, to keep one step ahead of new trends.” asserts Pablo further.
Buguroo’s next objective is to expand its presence in new geographical areas and industries. Currently, the company is focusing on Latin America and Banking sector. In 2019, the firm will enter the market with its unified solution in Europe and USA. In addition to this, Buguroo will also add specific solutions to the portfolio for other industries, such as cryptocurrencies, Fintech, and eCommerce in a first phase, and other industries afterward.