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Nearly 70% of businesses have lost 6% or more of their revenue due to account fraud by bots, according to a new 2022 report on the state of bot mitigation published by Kasada. And 40% of businesses have lost 10% or more of their revenue in the last 12 months.
The majority of organizations using anti-bot solutions continue to struggle to stay ahead of threat actors despite typically spending millions of dollars to combat malicious bot attacks. This is largely due to the manual effort required to maintain and manage expensive solutions. Companies are being forced to spend more and more time, money and resources to keep pace with the innovation and speed of motivated attackers.
What is bot account fraud?
Account takeover (ATO) attacks, the creation of fake accounts, and any type of fraud on user accounts that is carried out via automation or bots are considered bot-driven account fraud.
Why are companies losing so much revenue?
Businesses are losing money to account fraud by bots due to downstream effects on end-customer websites, mobile apps, and APIs. As a result of bot attacks, businesses are reporting website downtime, data leaks, and increased infrastructure costs, leading to poor customer experience, lower online conversions, and compromised privacy. reputation. Together, these negative impacts directly or indirectly contribute to a loss of revenue.
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More and more sophisticated bots
Among the report’s findings:
- 83% of respondents say bots are becoming more sophisticated and difficult for security teams to detect;
- 62% have spent more than $500,000 fighting bot attacks in the past year;
- The hardest type of bot to stop is credential stuffing; web scraping; refusal of inventory; CAPTCHA defeat; creation of fake account; Application DDoS; and carding/cracking.
Kasada commissioned Atomik Research to conduct a survey of 202 US security and IT professionals responsible for bot mitigation. The fieldwork took place between August 18 and August 29, 2022.
Read Kasada’s full report.
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