SAN FRANCISCO--(BUSINESS WIRE)--In an effort to increase awareness about a frightening cybersecurity threat that continues to impact businesses around the globe, Arkose Labs today kicked off the inaugural Credential Stuffing Week. With credential stuffing (also known as password spraying or account takeover), stolen data like usernames, email addresses and passwords are used to break into accounts at a high volume using sophisticated tools. These automated attacks are done at scale, keeping costs low and therefore making credential stuffing a profitable venture for fraudsters.
“As credential stuffing grows in popularity amongst fraudsters, so too does the need to fully understand this type of cyberattack as well as the tools needed to mitigate it, which is why we created Credential Stuffing Week,” said Kevin Gosschalk, Co-Founder and CEO of Arkose Labs. “Businesses are suffering, and by default so are their customers and clients, as credential stuffing attacks become more common and sophisticated.”
Logins are the most attacked digital touchpoint today. In the first half of 2021, the Arkose Labs network detected and stopped 285 million credential stuffing attacks--29% of all fraud attacks--with spikes upwards of 80 million in a single week. Making matters even more dire, these attacks affect the bottom line, with 46% of businesses reporting that these attacks have led to decreased revenue.
During Credential Stuffing Week and beyond, Arkose Labs is engaging with customers, partners and journalists to ensure that stopping credential stuffing is part of a company’s ongoing fraud strategy. The company believes that businesses deserve greater protection, commitment, and partnership from their security vendors to thwart attackers' efforts. This is why Arkose Labs backs their Fraud and Abuse Prevention Platform with the industry’s first warranty against credential stuffing attacks. The warranty offers a commercial guarantee against credential stuffing attacks, covering customers up to $1 million in response expenses including legal consultation, forensic services, notification expenses, identity theft and credit monitoring.
“Through our credential stuffing warranty, we want to show our commitment to customers by sharing a portion of responsibility with regard to attack mitigation,” said Gosschalk.
Additionally, as part of their ongoing efforts to generate awareness beyond Credential Stuffing Week, Arkose Labs will have a presence at next week’s Money20/20 USA conference in Las Vegas. In November, Arkose Labs is hosting the second annual Bankrupting Fraud Virtual Summit, which brings together 50+ speakers from companies such as Facebook, Visa, Forrester, Expedia, PayPal, the United Nations and more. The Summit will feature a rich agenda of expert panels, masterclasses and live networking events, taking place on November 9-10, 2021.
About Arkose Labs
Arkose Labs bankrupts the business model of fraud. Recognized by Gartner as a “Cool Vendor in Fraud and Authentication,” the company offers an industry-first warranty on account protection. Its AI-powered platform combines powerful risk assessments with dynamic attack response that undermines the ROI behind attacks, while improving good user throughput. Based in San Francisco, CA with offices in Brisbane, Australia and London, UK, the company was honored as the 195th fastest growing companies in the United States on the 2021 Inc. 5000 list.
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Source: Company press release.