2020 was a difficult year in many ways that taught us to be adaptive and resilient. We saw massive disruption in the way business is conducted. We also saw consumer behaviors change and fraud patterns evolve. In the year ahead, we will use these learnings to further strengthen our platform and empower digital businesses to bankrupt the business models of evolving fraud
Let me begin by extending our warmest thoughts and best wishes for a very happy and safe new year! I also wish that the year ahead brings life as close to normal as possible with people being able to meet in-person and enjoy camaraderie—both at home and in the office.
The year 2020 was a year of survival that tested our patience and perseverance in every manner possible. Coming on the back of the devastating bushfires in my home country Australia, the coronavirus pandemic was the least we had expected. However, when the pandemic struck with a vengeance, we saw the global economy nosedive, businesses scramble to find ways to ensure business continuity, and people lost their jobs and faced financial hardships—and, it’s still not over yet. I hope with the recovery efforts in progress, people are able to gain financial stability and step ahead on the path of prosperity.
Raising the bar
The disruption caused in the year 2020 has changed the face of the global economy—forever—and given rise to a new normal, where online is the way of life. Businesses understand that digital will be a key component of their business strategies, which will further accelerate the pace of the ongoing digital transformation process.
Fortunately, at Arkose Labs, we could quickly adapt to the sweeping changes that the coronavirus pandemic enforced and opted for the work-from-home system to ensure our people were saved from exposure. While adjusting to this new way of working wasn’t easy initially, but I am incredibly proud of the way each one of us adjusted to the tough times and contributed to end the year on a cheerful note. Our people are our strength, and they helped us chart a new growth trajectory even in such a difficult year. To steer us through this new growth phase, we are pleased to have Mark Resnick (Chief Financial Officer, Chief Operating Officer), Patrice Boffa (VP – Customer Success), David Senecal (VP – Product Platform), Martyn McKean (Chief Technology Officer), and Phil Steffora (Chief Security Officer, VP of IT) join the Arkose family.
I am also happy to report that despite the pall and gloom everywhere, we had some fantastic moments that brought us cheer and provided us with the motivation to continue with a greater vigor. We secured the series B funding worth $22 million from M12 Funding—the venture capital fund of Microsoft. We were named a Cool Vendor in the Identity and Access Management and Fraud by Gartner for our next generation fraud prevention approach, which bankrupts the business model of fraud. These achievements are an acknowledgment of the difference we are making in the fight against fraud and encourage us to raise the bar even higher.
Committed to strengthen the fight against fraud
As part of our commitment to help make the internet safe for everyone, in 2020, we undertook a study, entitled ‘How to Get Kids Cyber-Savvy and Make a Safer Internet For All’, which aimed to understand the threats children face on the internet. With education, recreation and socializing all going digital, a greater number of children are spending far more time online that they did earlier. This makes them much more vulnerable to inappropriate content, social engineering, malware, ransomware, malicious links, and addiction. Our study reveals some interesting insights into the popular online activities of this digital-native generation and their knowledge of online fraud. You can request a copy of the eBook here.
With industry events canceled due to restrictions on international travel, we interacted virtually with the industry experts. We organized a series of virtual panels and our first Bankrupting Fraud Virtual Summit, which saw an impressive gathering of industry stalwarts coming together to share insights on how we can collaborate and eliminate fraud. With this virtual summit, we took the first step towards making a collective effort towards the elimination of fraud. In the year ahead, we look forward to collaborating with the experts in order to protect consumers and digital businesses from the onslaught of unrelenting and ever-evolving attacks
Our unwavering focus on helping businesses fight fraud steers us to keep adding new puzzles and enforcement challenges to our arsenal. Our incredible team developed new puzzles last year and trained them against the most advanced machine-vision technology to make them battle-hardened and resilient to the changing fraud tactics. Our focus will remain on leveraging latest technological advancements to help bankrupt the business model of fraud.
A new year with new possibilities
I do hope that the year ahead spreads happiness all around and brings new opportunities to rebuild lives. As for Arkose Labs, I would like to take inspiration from the trust our people and investors have reposed in our abilities to continue with the good work we are doing and further build upon it. In the coming year, we will boost our efforts in research and development to further enhance our award-winning platform in order to help businesses and consumers save significant money and reputation, as well as prevent emotional distress.
Once again, on behalf of the Arkose Labs family, I wish you a happy, healthy, and prosperous new year!