Arkose Labs is a Fraud Prevention Start-Up to Watch in 2020 After 400% Annual Growth

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Arkose Labs, the platform that bankrupts the business model of fraud and abuse, begins the decade following a year of tremendous growth. In 2019, the company increased sales by 400% year-on-year, doubling its customer base to include many Fortune 50 companies in the financial services, ecommerce, media, gaming and emerging technology sectors. Traffic on the Arkose Labs platform grew fivefold in 2019, with both new and existing customers increasing usage due to the solution’s success in protecting against automated and human-driven fraud attacks.

“2019 was a banner year, with our platform detecting and preventing $500 million fraud attacks over the last twelve months, saving our customers hundreds of millions in fraud losses and operational costs,” said Kevin Gosschalk, CEO of Arkose Labs. “As long as there is money to be made in fraud, threats will persist both from both human-driven and automated attacks. It is therefore time to take a zero-tolerance approach to fraud and take steps to undermine the financial incentive behind attacks.”

Arkose labs also made multiple product enhancements to further improve the platform’s dynamic risk engine and adaptive step-up, which provide real-time attack insights that allow the automatic deployment effective countermeasures without impacting customer experience:

  • Arkose Detect, the platform’s dynamic risk engine, has had a number of key enhancements enabling it to analyze traffic more deeply. A new data exchange allows customers to pass their own data into the platform, enabling more accurate profiling of the activity which falls into the gray area between trusted and malicious.
  • Upgrades to Arkose Enforce, the platform’s adaptive step-up mechanism, include the addition of new challenge types and game mechanics that pass feedback back to Arkose Detect.
  • An upgraded customer dashboard now delivers more data and stronger analytical capabilities, providing a complete and accurate breakdown of complex traffic patterns.
  • Three new languages–Azerbaijani, Basque, and Romanian–widen Arkose Enforce’s accessibility support, bringing the total number of supported languages to 31.

“Our enhanced analytical capabilities provide real time security insights, giving our customers unparalleled clarity into their traffic, which helps them learn from evolving attacks,” said Matthew Ford, Co-Founder and Vice President of Product and Science at Arkose Labs.

Additional 2019 Highlights Include:

  • Key new hires include Lance Jacobs as Vice President of Sales, Sam Francis as Chief Financial Officer, Vanita Pandey as Vice President of Marketing and Strategy, Phil Steffora as the Vice President of Information Technology and the addition of Reed Taussig to the Board of Directors.
  • Arkose Labs expanded the office in Brisbane, Australia, to accommodate growth.
  • The company’s momentum is reflected by industry recognition and awards. Kevin Gosschalk was named a winner in the third-annual SC Media Reboot Leadership Awards, earning the distinction in the Innovators category. Additionally, Arkose Labs was named winner of the 2019 MRC Technology Awards in the Start-Up category by the Merchant Risk Council, recognized as a SINET 16 Innovator and a finalist in the RSA® Conference 2019 Innovation Sandbox Contest. Arkose Labs’ VP of Marketing, Vanita Pandey, and Senior Producer, Hedda Peters, were recognized as female leaders in the fraud and abuse prevention space, winning “Women in Cybersecurity” awards from Cyber Defense Magazine.
  • Most recently, Arkose Labs was named to the prestigious 2019 CNBC Upstart 100 List, which recognized fast-growing, early stage startups to watch.

In other company news, Arkose Labs is leading a fundraising drive to help with the Australia wildfire crisis. It is donating $100,000 towards disaster relief charities working in Australia and working with global business partners to further raise money towards the cause.

Arkose Labs will continue to be a company to watch in 2020, with platform innovations and quarterly fraud and abuse report updates.

Read the original by GlobeNewswire article here.

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