Mary Writz, SVP of Product at Sift has stated in the press release that due to economic instability, many risk teams are facing constrained resources as well as increasing pressure to prevent fraud losses and retain revenue. The latest platform improvements are meant to help Sift customers efficiently assess fraud risk and quickly make decisions throughout the customer journey—from login to chargeback.
Latest enhancements include connectors with Checkout.com and Jumio in Sift Connect App Gallery.
Sift’s platform prevents fraud and abuse through a global data network of 70 billion events per month, and a commitment to long-term customer partnerships. Global brands such as DoorDash, Twitter, and Blockchain.com rely on Sift to gain an advantage in their markets.
Automation: Intelligent automation and ML powered recommendations mean to reduce time spent working disputes, and increase win rates.
Expanded integrations for chargeback management: New integrations bolster dispute management team efficiency in handling dispute data for major processors.
Synchronised data connectors: New connectors in the Sift App Gallery with Checkout.com and Jumio facilitate enriched chargeback data, and streamline customer authentication and verification.
Productivity and review enhancements: A suite of upgrades to Sift’s Console improve bulk decisioning. Early users of bulk decisioning have reported that bulk decisioning has reduced manual review time by over 30%.
Sift’s upgrades come in the backdrop of an implicit necessity for innovation, according to survey data from Sift themselves. Sift’s platform upgrades also come at a time when businesses are facing more fraud than ever before. In fact, Sift’s Q3 Digital Trust & Safety Index shows a 131% increase in account takeover attacks in the first half of 2022 vs. the same period in 2021.
The report highlights how no industry has been left untouched by account takeover (ATO) attacks, with an 131% increase across Sift’s global network in the first half of 2022, as opposed to the same period in 2021. However, fraudsters are looking to take advantage of dormant accounts and stored payment information. The industries with the biggest increase in ATO attack rates were fintech (71% increase), marketplaces (39% increase), and digital goods and services (37% increase). Within the fintech industry, cryptocurrency exchanges had a 79% increase in attack rates.
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