Forget About Credit Cards – We’ll Soon be Paying With Our Eyes
Biometric technology is infiltrating every aspect of our digital lives and the next logical step is in our finances. Did you know that we already have the technology to make it possible to pay with our fingerprints, retinas or using facial recognition? Mastercard and Visa have developed security features that use facial recognition, Apple’s iPhone X also has facial recognition software and Samsung’s Galaxy8 and S8 Plus have built-in iris scanners.
Companies across the globe have been steadily investing in this technology, making it clear that this will soon be an everyday reality. But, as with all ground-breaking technologies, there are also radical new risks involved. And just like the biggest risk with any kind of financial exchange is theft or loss, the same applies to biometric payments. Before this technology can become mainstream, biometric security has to be addressed. And digital fraud prevention and cybersecurity company Buguroo, headquartered in Spain, is doing exactly that.
Buguroo Secures $11 Million for Biometric Security
In series A funding, Buguroo raised $11 million with the goal of advancing its deep learning technology for digital fraud detection and prevention and to expand international sales and marketing operations after a successful growth spurt in Europe and Latin America. The funding secured will be used to begin focusing on the United States, the United Kingdom, France and Germany and will help speed up the development of products like ‘Fraudster Hunter’ an integrated feature that uses deep learning to detect scammers, protect digital activities and prevent synthetic fraud.
Buguroo’s innovative approach to biometrics combines deep learning with behavioural biometrics, device assessment and malware detection. They build a digital DNA for each user and a cyber profile based on environmental parameters and behaviours. The company protects more than 50 million customers in the financial services industry and is paving the way for mainstream adoption of biometric payment systems.