Fraud can affect every aspect of our lives: it pulls on our resources, decreases our revenue, and raises
the costs of various goods we use. Cybersecurity and fraud prevention should be the strongest point of
defense for every modern company.
Incorporating fraud prevention solutions in your business operations will allow you to run your company and
focus on growing revenue safely. By using advanced technologies such as AI and machine learning, modern
fraud prevention systems like Sift stop cybercriminals from stealing important business and
personal information.
Fraud History
In the past, fraud detection wasn't as
detail-oriented, automated, and sophisticated as it is today. Not so long ago, store clerks used to make
phone calls to get credit card purchase authorization.
In the early 1990s, the biggest fraud challenge was the rapid rise of
payment fraud via counterfeit transactions.
Organizations used a fragmented approach to solving the problem, using rudimentary analytics and strict
business rules to spot anomalies and create alerts. However, there was no automation, and they couldn’t
easily cross-reference data, so monitoring events in real time was impossible.
Sadly, many companies still use the old ways and try to fight fraud. Modern fraud solutions, especially
Digital Trust & Safety, balance risk and revenue. Unlike cutting-edge online fraud prevention tools,
old-school protection doesn’t prioritize growth. Instead, it only focuses on loss prevention.
A modern fraud prevention solution uses sophisticated technology and complex analysis not only to spot
fraudulent transactions but also to prevent future ones from happening and to unlock revenue growth.
Modern-Day Digital Fraud Prevention
Professional cybercriminals and amateur “basement guys” are getting harder to prevent, understand,
and detect.
In today's world, fraud prevention takes a proactive approach to match activities with data points using
advanced technologies to find abnormalities. Fraudsters keep developing tactics that are getting more and
more sophisticated, and you need a modern-day solution to stay on top of their ever-changing
attack tactics.
As one of the top fraud prevention companies, here at Sift we use cutting-edge technology that gives us the
ability to learn from complex data patterns. Detecting network relationships and understanding industry
patterns gives our analysts a holistic view of the overall activity of cybercriminals and fraudsters.
A single integrated solution can prevent all types of online fraud. Through machine learning, it allows
you to stop fraudsters with undeniable accuracy, and automatically protect your customers. A sophisticated
fraud prevention tool, such as our Sift Digital Trust & Safety Suite, will allow you to streamline
operations, automate various actions, and get detailed insight into your business.
It allows you to expand your business by helping you learn about your trusted users and accept new orders
with confidence.
Who Needs Digital Fraud Prevention
Many businesses and governments use various technologies to prevent the consequences of fraud. Companies
from various industries are using our fraud prevention system and experiencing remarkable benefits.
Banking
Various banking institutions face fraud through customer account takeover, synthetic identities, the
hijacking of digital authentication and payments, and various other crimes. We help online banks and
similar institutions detect fraudulent transactions proactively by taking action in
real-time.
Finance
Cyber-crimes against financial institutions are increasing rapidly. The typical financial company loses an
average of five percent revenue per year to fraud. We help companies from the financial services industry
grow their businesses and stop losing profits.
E-commerce
Our all-in-one e-commerce fraud prevention solution helps e-commerce companies
reduce chargeback overheads while streamlining transactions for legitimate users. Using our
e-commerce fraud prevention tools, we help lower friendly fraud costs and
chargeback rates, but also reduce gift card and coupon abuse, and promote
secure login authentication.
How Digital Fraud Prevention Works
Fraud detection is a continuous process. There is no ending point to this ongoing cycle: it involves
constant detection, monitoring, analysis, case management, and strategy implementation.
Our experts and technologies focus on continually learning from fraud incidents to improve future detection
and monitoring processes.
Technologies like machine learning and artificial intelligence are becoming prevalent, and whether your goal
is fraud detection, security, or compliance, you will benefit from our modern digital fraud prevention
program. The new generation of technologies we use is automating manual processes, combining our global data
set with real-time analysis to detect existing threats and prevent future ones.
Our Content Integrity solution helps proactively
block fake content, including scams, and spam that may hurt the integrity of your brand and business.
We use machine learning to provide actionable insights to our customers. Machine learning algorithms learn
from past data to identify suspicious patterns for an analyst to check and possibly flag. Our all-in-one
suite allows you to optimize your growth by safeguarding all user interactions. We use an ensemble of
machine learning models with the highest accuracy in the industry to help our clients fight fraud all over
the world.
Contact us today to schedule an expert consultation and experience the
remarkable benefits of using the knowledge of over 34,000 sites and apps using our solution.
