CHEQ assists ecommerce companies in fake web sites

CHEQ assists ecommerce companies in fake web sites ...

Yes, I am a human being.

After selecting random categories on grids on our screens, weve all checked this box. In theory, bots are supposed to deter humans from fake bots, but today's bots are sophisticated enough to bypass this kind of security.

CHEQ, a go-to-market security company established in 2016, enables marketing companies to identify and deter fraudulent activity, and other malicious traffic. To further enhance these capabilities, the Tel Aviv-based company has announced the acquisition of Ensighten, a cybersecurity company.

The fake web is wreaking havoc on business bottom lines, according to Guy Tytunovich, CHEQs CEO. Large corporations operate online at scale and are exposed to enormous risks and inefficiencies. It is virtually impossible to function effectively today as a go-to-market organization when a significant portion of the traffic isnt authentic.

A constant and evolving conflict

According to CHEQs, an enormous amount of internet traffic is fake, automated, or malicious somewhere between 40 and 60%.

MetaBeat 2022 is expected to be released in 2022.

On October 4, MetaBeat will bring together thought leaders to discuss how metaverse technology might revolutionize how all industries communicate and conduct business.

This may include bots clicking on ads, bad actors taking over customer accounts, and automated website traffic that is skewing business intelligence (BI) and marketing analytics, according to Tytunovich.

PayPal acknowledged that 4.5 million fake new accounts had been opened on its website just this past year, most likely in an attempt to exploit $5 or $10 additional user incentives.

Elon Musk's Twitter buyout bid was halted at an all-time high, a decision that the multibillionaire attributed to bots and fake accounts.

CHEQ itself analyzed 5.2 million Twitter visits to its own customers' websites. This research revealed that only about 11.7 percent of such visits were bots, although this is a conservative estimate, as it only included bots that clicked on ads.

The global bot-management solution market is expected to grow from $1.5 billion in 2018 to $3.2 billion by 2030, with a compound annual growth rate (CAGR) of more than 16%, according to Fortune Business Insights, as well as the overall cybersecurity market expected to expand by $366 billion by 2028 (more than double its valuation in 2020 of $153.2 billion).

Are you a legitimate customer?CHEQ advises you to think twice.

The negative effect of the fake web is huge: CHEQ analysis revealed that businesses lose approximately $42 billion every year.

In an analysis of more than 50,000 global websites, CHEQ discovered that 470 million online shoppers are actually bots and fake users. These include malicious scrapers, fraudsters, and account takeover bots.

According to CHEQ research, there is something else to be said about the program.

Tytunovich also noted that nearly half a billion ecommerce website visitors every year are not genuine human users and therefore, do not have the intent, let alone the ability, to purchase. The most common ecommerce cyber schemes include click fraud, credit card fraud, user-journey hijacking, and cookie stuffing (the practice of dropping multiple affiliate cookies on a users browser to claim sales commissions).

According to Tytunovich, the proliferation of bots has had an influence on ecommerce businesses in a significant way. Private data leaks can lead to loss of customer trust, as well as search visibility issues for the brand. This has become a strategic concern for retailers who wish to maintain a sustainable business in the internet world.

Expanding capabilities

Tytunovich said that all of this means that marketing teams waste resources on attracting phony users, sales teams spend time and money on nurturing invalid leads, and corporations spend millions investigating inaccurate data collected through bot traffic.

The business objective of CHEQ is to ensure that marketing funnels, sales pipelines, websites, forms, shopping carts, data, and analytics are not being compromised by bots, fake traffic, or malicious users.

CHEQ protects information in one central location, and its tools deal with more than 2,000 real-time cybersecurity threats on website visitors to verify legitimacy. It employs machine learning to detect bad traffic.

Tytunovich says the company has a network of over 14,000 customers and that it performs weekly monitoring of 25 trillion interactions, events, and engagements to help power its algorithms and databases.

Tytunovich said the acquisition of Ensighten by CHEQ will help the company expand into other risky areas, including customer safety, privacy enforcement, and data security. Ensighten is specialized in privacy compliance enforcement, customer hijacking prevention, and anti-data exfiltration (ADX).

To date, CHEQ, which bought Ensighten for an undisclosed sum, has raised a total of $183 million in investment, including its most recent $150 million series C round in February.

You may also like: