In a significant move to bolster cybersecurity, Australian enterprise Kasada Pty Ltd. introduces KasadaIQ, a groundbreaking suite aimed at predicting and thwarting account takeovers and online fraud. This innovative approach marks a shift in combating the increasingly sophisticated and damaging bot fraud threatening businesses globally.
Innovative Fraud Prediction: KasadaIQ for Fraud
KasadaIQ for Fraud, the first in this suite, emerges as a pivotal tool in actionable intelligence gathering. It’s designed to arm businesses with insights into bot activities targeting their digital platforms and customer data. By leveraging visibility into nontraditional data sources and adversary communities, the service promises advanced detection of attacks before they materialize.
The Rising Cost of Bot Fraud
Bot fraud poses a significant threat, costing businesses not only financially but also damaging their reputation and customer trust. A striking report by Kasada highlights that 96% of IT professionals have faced revenue losses due to bot attacks, with 79% noting an increase in bot sophistication. This surge in bot activity is part of a broader trend in global eCommerce fraud, projected to surpass $48 billion.
Cutting-Edge Features of KasadaIQ for Fraud
KasadaIQ for Fraud is engineered with unique features to combat these challenges. These include:
Unconventional Sourcing: Monitoring activities within nontraditional realms like resale marketplaces and fraud groups to provide comprehensive signals.
Early Warnings: Advanced alerts based on the identification and vetting of emerging threats.
Bot and Credential Analysis: Secret purchases of bots and stolen credentials from criminal marketplaces, enabling detailed analysis and security gap identification.
Bridging the Gap with Expertise
To enhance its effectiveness, KasadaIQ offers dedicated analyst hours, allowing businesses to tap into specialized intelligence tailored to their specific needs. This personalized approach includes investigating fraud groups, reverse-engineering attacks, and providing professional guidance.
Sam Crowther, CEO of Kasada, emphasizes the synergy of KasadaIQ with existing bot detection platforms, offering businesses a competitive edge against attackers. Meanwhile, Nick Reiniets, Field CTO, highlights the unique insights gained from monitoring activities that reveal business logic abuse, crucial for combating automated fraud.
Venture Capital Support and Future Outlook
Backed by significant venture capital, including a $23 million funding round in 2021, Kasada stands at the forefront of cybersecurity innovation. With investors like StepStone Group Inc., Ten Eleven Ventures LLC, and others, the company is poised to redefine how businesses protect themselves in the digital age.
Kasada’s KasadaIQ for Fraud represents a significant stride in predictive cybersecurity, addressing the ever-evolving landscape of bot fraud. Its innovative approach, combining advanced technology with expert analysis, offers businesses a proactive defense mechanism, potentially transforming the way online security is approached in an increasingly digitalized world. As bot attacks grow in complexity, solutions like KasadaIQ are crucial in safeguarding the digital integrity of enterprises globally.