SAN FRANCISCO–(BUSINESS WIRE)–Arkose Labs, provider of online fraud and abuse prevention technology, today unveiled an industry-first $1 million Credential Stuffing Warranty. This unprecedented vendor warranty offers a commercial guarantee against credential stuffing attacks, covering customers up to $1 million in response expenses. The costs covered include legal consultation, forensic services, notification expenses, identity theft and credit monitoring.
“Arkose Labs is an ally to digital businesses when it comes to thwarting automated credential stuffing attacks. That’s why Arkose Labs offers the industry’s first commercial warranty to support our customers with up to $1 million in response expenses if we fail to defeat an automated attack.”
Credential stuffing attacks, where fraudsters use automation to test massive amounts of username/password combinations in order to take over user accounts, are one of the biggest issues facing businesses today. Despite significant investment in fraud and authentication solutions, large-scale credential stuffing attacks are resulting in significant business losses and are hindering user experiences. Nearly two-thirds of the attacks seen on the Arkose Labs network target the login point. According to the FBI’s Cyber Division, credential stuffing attacks can cost the average business upwards of $6 million per year.
Furthermore, in a recent Arkose Labs survey of 100 fraud and security professionals, 63% said that these attacks had caused their business compliance concerns and 49% said they had lost customers in 2020 due to successful attacks that targeted user accounts.
This is the first warranty of its kind for these types of attacks. The Credential Stuffing Warranty from Arkose Labs provides customers with robust, user-centric protection against credential stuffing that shifts liability from the business to Arkose Labs. Arkose Labs has proven efficacy in stopping ATO and credential stuffing attacks and takes a zero-tolerance approach to fraud.
Kevin Gosschalk, CEO of Arkose Labs, said, “Arkose Labs is an ally to digital businesses when it comes to thwarting automated credential stuffing attacks. That’s why Arkose Labs offers the industry’s first commercial warranty to support our customers with up to $1 million in response expenses if we fail to defeat an automated attack.” He added, “We want to show our commitment to customers by sharing a portion of responsibility with regard to attack mitigation.”
Patrice Biffa, vice president of customer success for Arkose Labs, said, “This warranty provides commercial assurance that Arkose Labs delivers the most robust protection against credential stuffing attacks available on the market today, while maintaining a completely user-centric approach to security that challenges suspicious traffic using incremental risk-based friction, rather than blocking it outright.”
Key customer benefits include:
- Superior protection
- End to end management
- Reduced operational and fraud costs
Arkose Labs continues to build upon its 2020 successes. Last month, Arkose Labs raised a $70 million Series C funding round led by SoftBank Vision Fund 2 with additional participation from Wells Fargo Strategic Capital and previous investors (who are also customers) M12 and PayPal Ventures, bringing the total funding to $114 million to date. The company was also recently recognized for its cybersecurity efforts by Fast Company, Fintech Future and Cyber Defense Magazine.
About Arkose Labs:
Arkose Labs bankrupts the business model of fraud. Recognized as a 2021 Cyber Defense Magazine “Hot Company in Fraud Prevention”, its innovative approach determines true user intent and remediates attacks in real time. Risk assessments combined with interactive authentication challenges undermine the ROI behind attacks, providing long-term protection while improving good customer throughput. Arkose Labs is based in San Francisco, Calif., with offices in Brisbane, Australia and London, UK. For more information, visit www.arkoselabs.com or on Twitter @ArkoseLabs.