Arkose Labs’ CEO Kevin Gosschalk, aims to, ‘Bankrupt the business of online fraud’

Media 7 | November 11, 2021

Kevin Gosschalk, CEO, Arkose Labs introduces their innovative solutions and takes us inside their recent event ‘2021 Bankrupting Fraud Virtual Summit’. Read on to know what their marketing efforts are focused on.

Asking for help is foundational for leading a growing company.

MEDIA 7: Thanks for your time! Could you please tell us a little bit about your professional journey so far?
KEVIN GOSSCHALK:
I founded Arkose Labs in 2016, with the intent to create a suite of fraud and account security solutions that deliver a long-term way to increase trust on the internet. Our approach is to bankrupt the business of online fraud by diminishing fraudsters’ ROI. Fortunately, the market has responded positively - we’ve raised more than $114 million in venture funding from SoftBank, Wells Fargo, Microsoft’s venture capital fund, M12, and PayPal and are rapidly scaling our customer base and workforce, and transforming the world of digital commerce by working with some of the world’s leading businesses across multiple industries like gaming, travel, banking, and retail. I was born and raised in Brisbane, Australia, graduated from the Queensland University of Technology with a degree in Interactive Entertainment. Before founding Arkose Labs, I worked in biomedical research, where I used machine vision technology for the early detection of diabetes. I later developed technology that assisted adults with intellectual differences in social settings. My unique background enables me to take a disruptive approach that gamifies fraud prevention. 

Arkose Labs is recognized for the work we’re doing. We've won multiple industry awards including the Gartner Cool Vendor Award in 2020, the Cyber Defense Magazine Awards for Hot Company in Fraud Prevention; CEO of the Year; and Top Women in Cybersecurity. We were also shortlisted for Best Use of Security/Anti-Fraud Solution in Payments in Fintech Futures’ 2021 PayTech Awards and named an honoree for Fast Company’s World Changing Ideas. This past August, we made our debut appearance on the prestigious Inc 5000 list, coming in at number 195. Arkose Labs ranked 5th in the security industry and 11th in the Bay Area. It���s an exciting time to be sharing my experience with the fraud and risk management industry, and I’m delighted to have joined our sponsors Feedzai, PayPal, Outseer, and Socure to present the 2021 Bankrupting Fraud Virtual Summit earlier this month.


M7: Congratulations on Arkose Labs reaching greater heights! You have been instrumental in building a suite of fraud and abuse prevention solutions through Arkose Labs. Could you please share more about these solutions?
KG:
Businesses are dealing with more customers in the digital realm than ever before — and more fraudsters.
As customer expectations about their security online continue to evolve in the digital-first economy, so too does fraud. It’s a critical balance to fight against fraud while enhancing user experience and maintaining the sanctity of consumers’ digital accounts.

Our fraud prevention platform stops the bad actors by making it too costly to commit fraud, taking away their motivation--money. We’ve recently enhanced our suite of products to be even more vigilant: Arkose Detect, our risk engine with enhanced IP intelligence; Arkose Insights, which provides real-time visibility into each event in a session and easy-to-consume reason codes; and Arkose Enforce, our market-leading challenge-response solution.



Arkose Labs believes in creating true partnerships with our clients. We’re an important extension of their team. Our solutions work to protect businesses and their customers against bots and abuse, payment, micro deposit, new account, and IRS fraud, as well as API protection, website scraping, and account takeovers. We’re also the first vendor to offer a credential stuffing warranty and a 100% SLA guarantee through Arkose Detect and Arkose Enforce. These solutions work seamlessly together to provide unified risk decisioning and step-up authentication. In the last three years, Arkose Labs has experienced tremendous growth. We attribute this growth to our best-in-class online fraud prevention technology and critical solutions as cybercrime continues to threaten commerce.

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When it costs more for the attacker to come after their target than the ROI they get from attacking, they give up.



M7: Sounds astounding! Could you please give us an insight into the recently held ‘2021 Bankrupting Fraud Virtual Summit’?
KG:
Following the success of our inaugural Bankrupting Fraud Virtual Summit last year, hosted another virtual opportunity to discuss real-world solutions to the major issues of online fraud prevention and account security from the industry’s best and brightest. Our Bankrupting Fraud Virtual Summit, which took place on November 9 and 10, featured a full agenda of experts, masterclasses, and live networking events. We created the summit to inform and facilitate connections and enable digital businesses to better understand and prepare themselves for the continued onslaught of fraud attempts.

The summit featured more than 25 virtual sessions covering various topics in online fraud and account security. Participants were able to learn best practices from the industry's top leaders and discover real-world solutions to the significant issue of online fraud prevention and account security. We were thrilled to be able to provide a collaborative event that fully explored securing the user experience across digital platforms. Guest speakers included Troy Hunt, founder of “Have I Been Pwned?” and Geoff White, cyber security author and host of “The Lazarus Heist'' podcast, as well as many other industry experts. I co-presented with Neil Walsh of the United Nations and hosted a fireside chat with Brian Krebs, renowned investigative journalist, and author of “Krebs of Security.”

The image below represents the top countries being cyberattacked around the world:



M7: Arkose Labs’ vision is “Bankrupting the Business of Fraud”, your approach is different from your competitors. What are your thoughts on this?
KG:
Fraudsters are motivated by money. The sheer growth of people on the internet means more ROI for criminals. Our solutions protect our clients by making automated fraud more costly. When it costs more for the attacker to come after their target than the ROI they get from attacking, they give up. The financial motivation isn’t there, and they move on. Additionally, we provide a level of protection that doesn’t negatively impact the user experience.

Read More: HeadSpin's Brien Colwell shows us how humans can work together with AI to create successful systems


As customer expectations about their security online continue to evolve in the digital-first economy, so too does fraud.



M7: What are the major advertising and marketing tools you use to hike up the brand awareness of your company?
KG:
Arkose Labs is a mission-led organization that is committed to helping make the digital economy a safer place because fraud is a lucrative career path that many people around the world choose. Career fraudsters are highly organized and run fraud rings like legitimate, well-funded businesses. Our goal is to empower our customers with an approach that is rooted in long-term deterrence, not just mitigation. Our marketing efforts are focused on creating a community of fraud fighters across the globe. Central to that is becoming a trusted partner to our customers and prospects. To accomplish that goal, we collaborate fearlessly with our customers and ecosystem partners by sharing insights and wisdom on fraud trends, fraudster tactics, and the shifting threat landscape. We host an annual industry event called the Bankrupting Fraud Summit, where the community gathers to hear the latest, discuss tactics with peers, and get the intelligence they need to adapt their fraud-fighting strategies.

Insights are also shared through educational materials, like our quarterly Fraud and Abuse report, webinars, and small-group roundtables. And we work closely with agenda-setting journalists so that they can help broadcast breaking news about fraud attacks broadly and quickly. We hold ourselves to a very high standard of accountability. Just a few months ago, we announced the industry’s only Credential Stuffing Warranty -- again, leading the industry by putting our money where our mouth is. We've long been committed to changing the economics of fraud by bankrupting the business model that fraudsters have put in place. We build upon that by keeping the most recognizable companies in the world armed with information and solutions.


M7: Lastly, you have been named 'CEO of the Year' by the Cyber Defense Magazine and are regarded as an expert in the fraud and risk management industry. Could you please impart some wisdom that you gained through your journey?
KG:
Thank you for asking this question. A one-word summary of my answer is simply people. I foster the notion that investing in people is a critical success factor because an active, diverse -- in experience and thought -- group of people can change the world. I’ve learned that asking for help is foundational for leading a growing company, and I’m very open that I may not have all of the answers. Having an ecosystem of advisors and mentors who can help me navigate the path and avoid the common pitfalls is crucial so much so that I constantly rely on my advisors for their depth of experience that I can lean on as we scale the business. My thinking is advanced every time I reach out and ask other people for their perspectives, ideas, and assistance. Finally, being nimble and open to change are imperatives. The landscape in which we operate is constantly evolving, which means we have to be aware of the quick pivots adversaries are making so that we can protect our customers.

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 company in the United States on the 2021 Inc. 5000 list.

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Arkose Labs

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 RO...

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