Over the years, fraudsters have accumulated a wealth of user data, providing the raw material to execute successful credential stuffing attacks at scale. These valid credentials form the basis for account takeover attacks that enable fraudsters to steal money and assets contained in these accounts or use them to orchestrate further attacks.
In 2020, account takeover attacks, as recorded on the Arkose Labs network, rose 90%. This sharp increase is due to increased credential stuffing activity, which provides the fuel for account takeover attacks. As account takeover attacks rise in volumes, frequency, and complexity, businesses are facing increasing losses every year.
Credential stuffing attacks cause massive losses to businesses
While credential stuffing attacks are easy and cheap for fraudsters to execute, they not only result in losses worth millions of dollars for businesses but also require efforts in the cleanup exercise. Direct losses to businesses include costs associated with remediating the attack, restoring user accounts, and refunding the amounts stolen from the compromised accounts. Indirect losses include an increased number of calls to contact centers, an increased burden on compliance and legal teams, more manual reviews, and the implementation of additional security protocols. Ultimately both these direct and indirect costs add up to millions of dollars, which is beside the damage to the brand reputation.
Credential stuffing attacks have emerged as a major headache for businesses, despite heavy investments in anti-fraud solutions. Not only do many of these solutions end up adding unnecessary friction for consumers, but fraudsters are also able to bypass them rather easily.
The world's first, guaranteed credential stuffing warranty
To help businesses fight the scourge of credential stuffing attacks Arkose Labs has introduced an industry-first credential stuffing warranty. With the introduction of credential stuffing warranty, Arkose Labs has become the only security vendor in the world that offers its partners a commercial assurance of delivering the most robust protection against credential stuffing attacks available on the market today.
The credential stuffing warranty is one step further in our commitment to adding continuous value to the customer success we provide to our partners and is an affirmation of our endeavor to truly partner with our clients. With this warranty, not only will our partners get up to $1million loss recovery and 48-hour remediation guarantee, but they are also assured of a reduction in business risk exposure without impacting good user experience so that they can rest assured with 24x7x365 protection.
Our warranty is an extension of our managed services, which includes the best-in-class Arkose Labs SLA guarantee. Our Managed Services Security Operations Center allows us to confidently provide up to a $1million warranty for automated abuse attacks. As part of the Managed Services Proactive Risk Management, Arkose Labs provides its partners with optimum support in proactive monitoring and alerting, detection and notification, and attack incident monitoring.
Always-on monitoring and optimization of the partner's traffic combined with the process and customer runbooks makes us an extended team to our partners' internal teams, resulting in ever vigilant protection and a guaranteed, best-in-class time to mitigate.
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Ebook: Full Economic Cost of Credential Stuffing Attacks
A user-centric approach to attack remediation
Today, when businesses have come to expect that they won’t get any guarantees from the technology vendors they work with, Arkose Labs promises a warranty that comes with a commercial assurance. Our confidence in the efficacy of our platform enables us to demonstrate how invested we are in our partners' success. We have, therefore, baked this offering into our top-tier Professional Services agreement as part of the commitment to work hand-in-hand with businesses and ensure rapid remediation of attacks while maintaining a completely user-centric approach.
At Arkose Labs, we aim to help our partners stand up to the challenge of credential stuffing attacks with our credential stuffing warranty, as we believe that businesses deserve greater protection, commitment, and partnership from their security vendors to fight evolving attacks. Backed by the confidence in our platform and demonstrated results, we are proud to be true partners in our customers' success.
To learn how Arkose Labs provides its partners with the proper level of support and the guarantee for mitigating attacks in its SLAs, please book a demo now.
A New Approach to Fraud Prevention
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