Arkose Labs 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.
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.