The retail industry is commonly targeted by bad actors who use stolen credentials and automated bots to launch high volume account take over attacks that result in financial losses through theft and fraud, as well as damage to the brand. The ‘2018 Cost of Retail Fraud’ report published by LexisNexis states that every $1.00 lost to fraud results in an expense of $2.94, a 24% year-over-year increase. Identity theft and synthetic identities (account take overs) represented a whopping 39% of the fraud costs.
For one Fortune 500 retailer, attackers were targeting the loyalty program accounts and when successfully compromised, they would then steal the points or use them to commit fraud. The costs in terms of revenue and over provisioning the infrastructure ran into the millions. Harder to measure impacts were loyalty program participant dissatisfaction and damage to their brand.
After a rigorous vetting process, the customer chose to implement Cequence Security API Spartan and over the course of a year, their ability to prevent account take overs, and their ability to reduce the investment in the associated networking infrastructure came to roughly $2.3 million. Taking into account their investment in API Spartan, their savings amounted to $1.7 million. Their return on investment was 455%, resulting in roughly a two-month payback. You can read the full customer ROI study:
To learn more about how you might be able to achieve similar results, you can schedule a demo with an engineer here.
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