The Spec Blog
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Effective account takeover protection starts at the source
With 65% of people re-using passwords across some or all of their accounts and the rise in advanced attack vectors such as generative AI, the threat of account takeover attacks (ATOs) has never been higher. At least 77 million Americans were hit by an ATO in 2023. Account takeover attacks provide bad actors with unauthorized access to sensitive information and can result in serious consequences for users and companies, such as financial fraud, identity theft, and reputational damage. Read on to discover how ATO attacks work and learn the best ways you can enable account takeover protection.
Co-Founder & CEO
Understanding credential stuffing and how to prevent it
Since 2020, the number of reported cyberattacks has almost doubled, resulting in billions of compromised records and total direct losses amounting to almost $28 billion. The advent of widely available generative AI is unleashing even more sophisticated threats that many organizations are unprepared for.
Co-Founder & CEO
The surprising chargeback prevention solution for merchants
Chargebacks have long been a thorn in the side of merchants, but as online shopping continues to grow, merchants are faced with increasing challenges protecting their bottom line. It’s projected that global chargeback transaction volumes will reach 337 million by 2026, amounting to a staggering $15.3 billion in losses. Despite the fact that 34% of these chargebacks are due to fraud, every incident can result in your business having to pay a $20 – $100 per transaction fee. This penalty is in addition to the lost profit from the sale, the processing fees, and the marketing capital invested to convince customers to make a purchase in the first place.
Co-Founder & CEO
Journey Data: A New Paradigm in Fraud Fighting
In the digital age, where interactions between customers and brands unfold with every click, tap, and swipe, the integrity of these interactions is paramount. McKinsey sounded the alarm that innovation in both consumer digital experiences and attacker ecosystems have leapfrogged ahead of what reactive approaches to fraud fighting can manage without damaging the customer experience. Ecommerce fraud losses over the last year clocked in at a staggering $38B.
Co-Founder & CEO
AI-powered cyber attacks on the rise: How to strengthen your defenses
The world of cybersecurity is evolving at an unprecedented pace, and the emergence of artificial intelligence (AI) as a formidable player in the field has been a game-changer. AI is not just a buzzword; it’s a potent tool that’s being harnessed by cybercriminals to launch increasingly sophisticated attacks. As we look ahead to 2024 and beyond, it’s evident that the surge in AI-powered attacks is a trend that shows no signs of slowing down. According to Forbes, AI and cybercrime are unleashing a new era of disruption.
Co-Founder & CEO
Fraudology podcast: Fraudsters exploiting 3rd party fraud tools with Nate Kharrl
In this episode of Fraudology, host Karisse Hendrick is joined by Nate Kharrl, CEO and co-founder of Spec who shares the different types of exploits targeting the system connections between online businesses and several fraud solutions providers that he has observed.
Director of Engineering
Why SignalFire invested $15 million in Spec, and why online fraud is getting so much worse
As any entrepreneur who’s had the audacity to think they can change the world knows, you’re never successful without a parade of cheerleaders – and capital – behind you all the way. For us, our VC partners at SignalFire have led that cheering squad since the beginning of our journey. And now SignalFire has led our Series A raise of $15 million.
Director of Engineering
“With Spec, we can mitigate fraudulent activity, protect our revenue, and create a better user experience so that Indiegogo can remain a trusted crowdsourcing platform.”
Payments Manager
