Coda Payments Protects Their Brand with Better Visibility and Insights from RiskIQ

About Codashop and Coda Payments

Codashop, operated by Coda Payments, has become a trusted source of games and in-game currencies for millions of gamers worldwide. It enables users to choose from more than 250 safe and convenient payment methods and is visited more than 90 million times per month.

Coda Payments’ mission is to offer the best value, experience and entertainment to its customers, every day, without fail. The vision is to be the platform of choice for taking life’s digital experiences over the top by enabling users to bring more creativity and self-expression to their play—no matter who or where they are.

Founded in 2011, Coda Payments helps digital content providers monetize their products and services in more than forty markets. Publishers of leading games like Moonton (Mobile Legends: Bang Bang), Garena (Free Fire) and Tencent (PUBG Mobile), streaming platforms like beIN and Bigo Live, apps like Tinder, and video-on-demand platforms like Viu have integrated with Coda Payments to accept payments.

Coda Payments is headquartered in Singapore with dozens of additional outposts around the world. It is backed by Apis Partners and GMO Global Payment Fund, whose strategic management company is GMO Payment Gateway, Japan’s largest online payment gateway. Coda Payments has recently been named the 28th fastest growing company in the Asia-Pacific region by the Financial Times (making it the second-fastest-growing fintech company in its region), the 8th fastest growing company in Singapore by the Straits Times, and a Technology Pioneer by the World Economic Forum.

Challenges

In addition to the public accolades, Coda Payments’ success has generated unwanted attention from other circles. Today it is a target for malicious actors looking to capitalize on their brand visibility by mounting cyber campaigns using a variety of tactics including phishing attacks, fake social media profiles and rogue mobile apps. To proactively respond to these threats and protect its organization, customers and customer’s end consumers, they required:

  • Better visibility into what they owned that was exposed on the Internet
  • Early identification of impersonating assets across all digital channels
  • Enforcement actions initiated to remove impersonating assets on the Internet

The Results

The number of phishing complaints that Coda Payments receives has decreased significantly since the RiskIQ solution went live. Coda Payments’ technical support and security personnel and RiskIQ’s solution architects continue to refine operational practices to improve detection of and response to the external threats Coda Payments faces every day. From Feb to July 2021, there were a total of 69,295 detections of a variety of website phishing, fake social media profiles and rogue mobile apps out of which 52,360 had been resolved, through a combination of enforcement actions and internal review processes to ensure that the Internet assets of Coda Payments and their partners are not affected.

Conclusion

RiskIQ provides organisations with ‘outside the firewall’ visibility to discover unknowns in their digital attack surface and identify threats targeting their organisation and their customers. This actionable Intelligence can be used by security teams to address a wide range of security operations use cases to strengthen security and reduce overall cyber risk.