SAN FRANCISCO, Oct. 22, 2019 (GLOBE NEWSWIRE) — Sift, the leader in Digital Trust & Safety, today released its Fraud Aftershock Index, depicting the interconnectedness of industries as it relates to fraud, including how fraudsters move freely from one industry to another and are not limited to one type of fraud. In response to this research, Sift is unveiling new resources and technology features to allow businesses to mitigate risk and deliver positive customer experiences.
Recent data breaches have given fraudsters a wealth of data to carry out different types of fraud attacks, including posting fake content, creating fake accounts or taking over legitimate accounts. Sift’s Fraud Aftershock Index measures the impact and cadence fraudsters have when they commit multiple types of fraud or operate in more than one industry.
The two major aftershocks include:
- Fraud Type Aftershock: 45% of fraudsters commit more than one type of fraud
- Industry Aftershock: 86% of fraudsters commit fraud in more than one industry
“Today’s approaches of combating fraud are like rigid and invasive airport screenings,” said Jason Tan, CEO, Sift. “With our Digital Trust & Safety Suite, businesses can apply Dynamic Friction across multiple types of fraud to deliver a customized experience, automatically letting legitimate customers through while maximizing fraud prevention.”
Dynamic Friction is the optimal application of friction to user journeys based on behavioral and situational attributes, so protection against fraud doesn’t result in customer insult for legitimate users. In an effort to help businesses combat fraud aftershocks, Sift has made it easy to leverage Dynamic Friction with the release of Verification, a feature within the Digital Trust & Safety Suite that allows businesses to introduce multi factor authentication (MFA) at the right moment in the user journey. Verification provides online businesses the ability to apply Dynamic Friction with a single click, without requiring integration with additional tools. With Verification, trusted customers experience a painless login, while potential fraudsters are met with challenges, and businesses benefit from the alignment of risk mitigation and great customer experiences.
For more information on why businesses should leverage Dynamic Friction, download Sift’s eBook here.
For more details on Verification, download the one pager here.
Methodology
To derive the findings in the Fraud Aftershock Index, Sift analyzed data from over 34,000 sites and apps within its customer base, including the 35 billion events per month that Sift ingests to uncover fraudulent activity. By looking at cross-sections by abuse type and industry, Sift uncovered patterns of fraud and delivered a better understanding of the perpetually evolving fraud landscape.
About Sift
Sift, formerly Sift Science, is the leader in Digital Trust & Safety, empowering digital disruptors to Fortune 500 companies to unlock new revenue without risk. Sift dynamically prevents fraud and abuse through industry-leading technology and expertise, an unrivaled global data network of 35 billion events per month, and a commitment to long-term customer partnerships. Global brands such as Twitter, Airbnb and Twilio rely on Sift to gain competitive advantage in their markets. Visit us at sift.com and follow us on Twitter @GetSift.
CONTACT:
Kristina Lazarakis
PAN Communications (for Sift)
[email protected]
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4f7c9a9b-8a8a-4008-b291-9c4a527cfd42
