How Shape Defeated Account Hijackers and Saved Tens of Millions of Dollars
Financial institutions are prime targets for cybercriminals intent on taking over accounts for monetary gain. Large-scale automated attacks on financial institutions can rapidly test out millions of stolen credentials, and with even a 1 - 2% success rate, cyber fraud losses easily reach millions of dollars.
Increasing use of financial aggregator apps, and unauthorized content scraping of account balances and transaction history is creating compliance headaches for financial institutions. Looking to lower risk, financial institutions are seeking avenues to block unauthorized content scraping and direct legitimate traffic to approved APIs.
- Defended over 100k account takeover attempts per day
- 300 million financial accounts protected
- Protecting over 25% of all US deposits