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Sift launches RiskWatch

Thursday 6 June 2024 08:18 CET | News

US-based fraud detection provider Sift has announced the launch of RiskWatch, a patent-pending product that aims to simplify risk decisioning for digital businesses. 

In a bid to mitigate fraud, Sift aims to introduce a patent-pending solution that can improve risk decision-making for digital companies by automatically maintaining block, friction, and manual review rates to a target percentage of the riskiest users. Also, RiskWatch is set to be able to dynamically adapt to modifications in fraud activity, seasonality, and market expansion.

US-based fraud detection provider Sift has announced the launch of RiskWatch, a patent-pending product that aims to simplify risk decisioning for digital businesses.

Considering that fraud prevention strategies generally rely on risk scores or introducing static percentile thresholds, Sift intended to bring a solution that can enhance and simplify the overall process for firms. RiskWatch utilises artificial intelligence (AI) to automatically account for adjustments in user behaviour patterns in real time when fraud attacks or other shifts happen. Also, the solution allows block rates to adjust to capture additional risky events when they arise. After the attack is finished, risk thresholds are restored to pre-fraud levels that can be modified.

More information on the announcement

Sift developed the solution to fit the needs and requirements of companies that have to adhere to the Payments Services Directive (PSD2) and other authentication standards, as, by leveraging RiskWatch, they are set to be able to optimise exemptions for 3D Secure Authentication (3DS). According to Sift’s officials, as generative AI and other factors contribute to substantial increases in fraud attack volumes, allowing fraudsters to evolve their techniques, firms are trying to combat AI-enabled fraud and protect their users. To support them, the company launched RiskWatch, with the solution adapting to modifications automatically and allowing business growth whilst maintaining an improved consumer experience and an increased level of control for risk teams.

Moreover, Sift mentions that RiskWatch is available for its customers who utilise its services for account creation, account takeover, content, payment, policy, and chargeback fraud.

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


Source: Link


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Keywords: fraud detection, fraud management, fraud prevention, risk management, product launch, chargebacks, artificial intelligence
Categories: Fraud & Financial Crime
Companies: Sift
Countries: United States
This article is part of category

Fraud & Financial Crime

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Sift

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