Case study: Fintech neobank slashes ATOs by 75% with Arkose Labs
Arkose Labs supports one of the world’s most prominent fintech firms and provides consumer banking, personal financial management, credit monitoring, and other financial services. This neobank has more than
12 million customers in the US alone.
It is known for its digital savvy and ease of use. The fintech neobank has grown rapidly in popularity and grew its customer base by more than 50% during 2020. Users are attracted to the platform because of its all-digital nature and seamless user interaction.
However, this digital convenience also led to numerous attacks on the platform. As the platform skyrocketed in popularity, fraudsters targeted the growing number of user accounts.
At its peak, the company was seeing about 30,000 failed login attempts per day; the vast majority of these were credential stuffing attacks seeking to compromise customer accounts. This massive amount of requests also put a great strain on the platform’s tech infrastructure.
The fintech then decided to implement the Arkose Labs Fraud & Abuse Platform to protect its login forms and backend APIs.
The solution embeds an Arkose Labs token into the web application or mobile SDK, and each request dynamically verifies that the token has passed from the client to the server.
After implementing Arkose Labs, the fintech saw a 75% reduction in failed login attempts that were associated with credential stuffing attacks. This not only greatly improved the customer experience, but saved the client time and money due to a vast reduction in customer service complaints about compromised accounts.
The company also realised efficiency gains due to having fewer compromised accounts; it was losing about $100,000 per week in costs associated with compromised accounts.
This figure was drastically reduced after implementing Arkose Labs.
Download this free case study to learn more about:
- How fraudsters targeted back end APIs to commit credential stuffing at scale
- Why this was costing money and disrupting the user experience
- How Arkose Labs helped the firm reduce attacks by more than 75%
Please contact the FinTech Futures team to gain access to this free case study.
Brought to you by Arkose Labs
