Sift launches new fraud prevention rapid deployment capabilities

The key new capabilities made available are the Starter Workflows and access to the Sifters customer community.

The shift towards digital financial activities during the last few years has also meant a rise in new fraud tactics. What is more, as inflation increases, the uncertainty that characterises the economic environment further encourages the emergence of fraudulent attacks. 

One critical tendency that experts have identified in later years is the democratisation of fraud. In simple terms, the advances made in technology enabled a scenario where anyone could engage in fraudulent activities, regardless of their technical knowledge or prior experience. 

Some of the most common strategies used are identity theft, first-party fraud (such as refund and return fraud) and phishing scams. As showcased in the Merchant Risk Council’s Global Payments and Fraud Report, on a global scale, four in ten merchants are affected by these types of attacks. 

Apart from the damage they do when it comes to customer trust and the public image of a company, fraud attacks also have a serious financial impact. It is estimated that in 2022 alone, fraud caused online businesses to lose USD 41 billion. The same experts have argued that the cost will rise to USD 48 billion in 2023. The uptick in fraudulent behaviour has been linked to a surge in the use of alternative payment methods like Buy Now, Pay Letter or the popularisation of digital wallets. 

However, as these attacks grow in popularity, fraud detection systems can make it possible for businesses to fight them by identifying recurrent patterns that signal abuse. 

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