Arkose Labs, an online fraud prevention technology provider combining user risk assessment and sophisticated enforcement challenges, today announced the successful completion of a $6 million Series A funding round led by US Venture Partners.
The company helps some of the world’s most targeted businesses solve online fraud that can cost millions each year of financial losses through sophisticated global telemetry, user behavioral risk assessment, and patent-pending enforcement challenges. Arkose Labs plans to use this infusion of funding to expand its product roadmap and move to market efforts.
“As automated attacks become more sophisticated, there is a growing need for security solutions that can not only identify fraud and abuse, but also provide enforcement capabilities to prevent it,” said Kevin Gosschalk, CEO of Arkose Labs. “Stop fraud requires a solution based on prevention, not mitigation. That’s what makes our technology unique. We are the only company to offer a combination of global telemetry and a reliable enforcement mechanism that ensures that automated abuse is stopped. “That’s right.
“This funding will allow us to accelerate hiring across the organization, expand our product roadmap, build on our company’s market teams, and solve multi-million dollar problems for our expanding customer base,” Gosschalk added.
Online fraud has skyrocketed over the last few years, driven mainly by economic motivations. According to PwC’s 2018 Global Economic Crime and Fraud Survey, 49 per cent of global organizations say they have experienced fraud and economic crime in the last two years, up from 36 per cent in 2016.
Arkose Labs technology exclusively stops abuse before it occurs without adding friction to user experience, and is the only solution provider to offer a 100 percent service level agreement that includes a money back guarantee for customers in the event that the technology does not stop an automated attack. With the prevalence of more sophisticated automated attacks, the adoption of Arkose Labs technology is accelerating across sectors, including online markets, travel, banking, social media, ticketing and online gaming.
As companies across the industry are experiencing more fraudulent user activity coming from automated bots, game maker Electronic Arts has decided to look for a new solution to solve the source problem. The EA Team has found that the Arkose Labs solution works seamlessly within its existing architecture.
“At once Arkose was deployed, we saw a dramatic difference,” said Matt Thomlinson, Senior Vice President and CISO for Electronic Arts. “It was like a night-and-a-day Our team was amazed at how well the solution worked compared to our previous technology, and made it possible for us to free up resources and energy to focus on continuing to innovate for our players. “That’s right.
In addition, Dafina Toncheva, a partner with US Venture Partners, and Jeremiah Grossman, founder and CEO of Bit Discovery, will join its Board of Directors. Toncheva has extensive experience with cyber security start-ups such as Prevoty, Kenna Security and Cloudflare. Grossman, formerly a consultant at Arkose Labs, is a world-renowned professional hacker and founder of WhiteHat Security.
“Arkose Labs is bringing a unique approach to the prevention of fraud and abuse that combines telemetry and enforcement that we simply haven’t seen before,” Toncheva said. “We believe that this technology will have a material impact on all businesses with an online presence as they continue to take steps to protect customers and stop malicious behavior in their tracks. “That’s right.
“For almost two decades, I have witnessed the serious social and financial impact of automated abuse on organizations and millions of their customers,” Grossman said. “As soon as I saw what the technology of Arkose Labs was capable of, I knew I had to be involved. To say that their technology is innovative just doesn’t go far enough—the game is changing. “That’s right.
About the Archose Labs
Previously known as FunCaptcha, Arkose Labs solves multi-million dollar online fraud problems for major global businesses, including online marketplaces, travel, banking, social media, ticketing and online gaming. Our bilateral approach combines global telemetry with a patent pending enforcement challenge that stops fraud without false positives or friction for users. Arkose Labs is based in San Francisco, California. , head office in Brisbane, Australia Visit www for more information. The ArchoseLabs Com or Twitter @ArkoseLabs
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