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FBIâs cyber division personnel in front of a computer screen. (FBI)
Arkose Labs CEO Kevin Gosschalk described the company’s end game as incentivizing cybercriminals to âget a job that’s legitimate.â
His words come as the online fraud and abuse prevention technology company announced this week $70 million in Series C funding, led by SoftBank Vision Fund 2. Wells Fargo Strategic Capital, as well as previous investors in M12 and PayPal Ventures are also participating in the fund. Total investment to date for Arkose is $114 million.
Kevin Gosschalk, Arkose Labs
âOur objective, ideally long term, is to basically disincentivize fraud to the point where [attackers] go get jobs,â Gosschalk said in an interview with SC Media.
Arkose Labs Raises $70M to Tackle Fraud
Arkose Labs, a provider of online fraud and abuse prevention technology, today raised a $70 million Series C funding round led by SoftBank Vision Fund 2 with additional participation from Wells Fargo Strategic Capital and previous investors M12 and PayPal Ventures. That brings the total funding to $114 million. The new round of funding will go toward platform development, new hires and global expansion.
The company built its platform by first looking at how fraudsters make money by attacking digital platforms. By working backwards from that starting point and then implementing strategies to make it more difficult for fraudsters to profit from attacks, Arkose Labs undermines the economic drivers behind fraud until the perpetrators are compelled to abandon their attacks.