New buguroo 3D Secure behavioral biometrics solution protects ecommerce and CNP transactions
A new 3D secure solution with behavioral biometrics has been launched by buguroo to enable credit and debit card issuers to perform fast, accurate and frictionless verification of risky transactions, the company announced.
The solution identifies fraudulent ecommerce and card-not-present transactions with biometric behavior analysis to prevent lost revenue. CNP fraud is detected at the point of the 3D Secure verification challenge by analyzing user keystrokes and comparing them to known customers and fraudulent actors, which buguroo says helps avoid chargeback liabilities 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.”
User data is also anonymized by buguroo to ensure compliance with standards like the EU’s SCA laws, PSD2 and GDPR.
The company’s bugFraud solution was recently recognized with a 2020 European Technology Innovation Award from Frost & Sullivan.