Following this announcement, the newly released benchmarks are expected to provide expanded visibility into digital risk attack types across several key industries. The availability of trend data was launched across two new fraud metrics in the Fraud Industry Benchmarking Resource (FIBR), a service that is powered by Sift’s Global Data Network.
Sift represents an AI-powered fraud platform that secures digital trust for global businesses and institutions. Its investment in machine learning and user identity, as well as its overall commitment to long-term customer success enables the company to focus on meeting the needs of its users in an ever-evolving market, while also remaining compliant with the regulatory requirements and laws of the industry.
FIBR now incorporates account takeover (ATO) attack rate and two-factor authentication (2FA) rate trend data, in addition to the already existing data related to payment fraud attacks, manual review rates, and fraudulent chargebacks. Customers and users of the resource will have the possibility to compare ATO attack rates and two-factor authentication rates across multiple geographic areas and industries. This is set to offer improved visibility into the most critical KPIs that influence fraud prevention strategies and operations.
Account takeovers represent the procedures where fraudsters gain unauthorised access to client accounts, and they have become one of the most popular attack methods that have taken place among cybercriminals in recent years. At the same time, AI-powered fraud attacks continue to scale with greater volume and sophistication.
In order to fight back against financial crime, companies and institutions are required to gain access to improved and fast data operational trends for their respective industries. With this in mind, the expansion of FIBR with the new ATO and 2FA metrics will allow Sift to provide the fraud prevention market with the needed insights to grow securely and efficiently.
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