Sift launches new fraud prevention rapid deployment capabilities

Wednesday 31 May 2023 12:01 CET | News

US-based fraud detection provider Sift has launched new capabilities that enable customers to promptly begin implementing fraud prevention strategies.

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

Starter Workflows is a pre-configured version of the fintech’s Workflows feature that enables customers to utilise scalable and dynamic risk-based decision-making approaches. The customisable Workflows that it features can be accessed through Sift’s Implementation Consultants, alongside a Payment Protection guide that can further facilitate the implementation of fraud prevention solutions. As per the official statement, by utilising Workflows, customers can reduce the implementation time by 85%.

The Sifters customer community also made available recently is a centralised hub that allows users to share trends and insights as well as to contribute to the internal global fraud information bank. Apart from this, the hub helps users to access Sift’s customer success teams and to communicate with its Trust and Safety Architects who can further assist users in optimising their use of the platform and advance their digital risk strategy. 

US-based fraud detection provider Sift has launched new capabilities that enable customers to promptly begin implementing fraud prevention strategies.

The critical role of fraud mitigation strategies today

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. 

For more information about Sift, please check out their detailed profile in our dedicated, industry-specific Company Database.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: product launch, fraud detection, risk management, fraud prevention, BNPL, identity theft, financial crime
Categories: Fraud & Financial Crime
Companies: Sift
Countries: United States
This article is part of category

Fraud & Financial Crime


Discover all the Company news on Sift and other articles related to Sift in The Paypers News, Reports, and insights on the payments and fintech industry:

Industry Events