buguroo rolls out 3D Secure solution to combat CNP fraud

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Madrid-based customer identification solutions provider, buguroo recently launched its 3D Secure solution in a bid to enable financial organisations to conduct 3D secure risky transaction verification. The new service leverages behavioural biometric analysis that identifies fraudulent eCommerce, Card-Not-Present (CNP) transactions and prevents lost revenue for card issuers and merchants.

“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 minimise fraud costs and ensure legitimate customers enjoy frictionless online transaction experiences.”

buguroo stated that the new 3D Secure offering is part of its unique behavioural biometric customer identification capabilities. It detects CNP fraud at the point of the 3D Secure verification challenge, analyses a user’s keystrokes comparing them to known customers and fraudsters, helps card issuers approve or deny risky transactions and avoid chargeback liabilities due to compromised card information.

The company’s user data technology aims to ensure compliance with cybersecurity industry standards such as the European Union’s Strong Customer Authentication laws, PSD2 and GDPR.

Recently, buguroo launched its new COVID-19 Online Banking Fraud Resources Centre in a bid to allow consumers and companies to check for scams amongst COVID-related emails, SMS messages and social posts. The newly launched centre aims to counter the frauds that have increased amidst the COVID-19 crisis.