We just wrapped up another year and we’re looking back on the key innovations, partnerships, and recognition that have shaped 2024. In 2024, we introduced powerful product enhancements and technologies to our platform, celebrated new and existing customers, and secured valuable partnerships and industry recognition.
Here’s a look at the innovations, partnerships, and insights that marked an eventful year for Sift.
New Innovations & Product Enhancements
In 2024 we launched several significant innovations and product enhancements to bolster fraud prevention and protection for digital companies. Among these was RiskWatch, Sift’s AI-powered, trademark-pending technology that simplifies fraud decisioning for digital companies. Acting as “intelligent cruise control” for risk teams, RiskWatch automatically maintains target block, friction, and manual review rates while dynamically adapting to changes in fraud activity, seasonality, and market expansion.
We also introduced ThreatClusters, an advanced fraud pattern detection technology using cohort modeling. By combining the precision of customer-specific risk models with the broad intelligence of a global model, ThreatClusters provides more accurate fraud signals for all our customers.
Sift’s Fraud Industry Benchmarking Resource (FIBR) also saw notable updates, including a redesign and new data on fraudulent payment methods, account takeovers, and Two-Factor Authentication (2FA).
And to further combat the increasing threat of ATO attacks, we integrated with top Customer Identity Access Management (CIAM) platforms, including PingIdentity DaVinci and Okta Auth0, streamlining identity management and strengthening security workflows.
Customer Success & Knowledge Sharing
The year also brought exciting new partnerships, customer stories, and collaborations. From global forums and speaking engagements to customer success stories and case studies, our network of fraud fighters shared their knowledge and expertise. Notable highlights include:
- An announcement with customer Alaska Airlines, which uses Sift’s fraud solutions as part of a broader strategy to address rising fraud risks and operational inefficiencies in the travel industry.
- Hertz shared how they teamed up with Sift to enhance security measures, protect against fraud and theft, and enhance customer trust.
- Sift’s Risk Revenue Forums—a series of global in-person events with industry experts focused on exploring the relationship between risk management and revenue growth.
Industry Recognition
We celebrated a year of remarkable industry recognition for Sift’s advanced fraud solutions. Highlights included earning the 2024 CyberSecurity Breakthrough Award and being named ‘Best Payments Solution – Fighting Fraud’ by PayTech Awards USA.
Leading the way in G2’s Grid® Reports throughout the year, Sift secured the number one spot in all three fraud prevention categories in the fall. G2 rankings rely largely on authentic customer reviews like this one from a Sift user in the travel & tourism industry:
“Sift’s ability to evolve and adapt to our business profile is especially valuable, ensuring we remain one step ahead of potential threats. I recommend Sift as a foundational software for any organization.”
Sift was also recognized by Forrester Research as a Strong Performer in the Forrester Wave™: Enterprise Fraud Management, Q2 2024 and by FastCompany as one of the Most Innovative Companies of 2024.
Expanded Leadership & Expertise
In 2024, we welcomed several new key employees, including Raviv Levi, Steve Love, and Alexander Hall. Find out more about them and the unique expertise they bring to Sift:
- Raviv Levi, who has extensive experience in product management and engineering, joined Sift as the Chief Product & Technology Officer.
- As Sift’s Chief Financial Officer, Steve Love brings over 30 years of financial leadership experience at high-growth SaaS companies and enterprise software.
- Alexander Hall, Sift’s newest Trust and Safety Architect and a former fraudster-turned-fraud fighter, brings a unique perspective to fraud prevention and building trust online.
Noteworthy Findings & Fraud Trends
Our quarterly Digital Trust Index reports offer valuable insights for the fraud-fighting community, featuring exclusive data and trends from Sift’s Global Network, consumer behavior analysis, and practical fraud prevention strategies for businesses. Here’s a look at some of the most impactful findings from this year’s reports:
- Q1 – Navigating the Next Generation of Payment Fraud: 33% of Gen Z survey respondents said they know someone who has, or have personally, participated in payment fraud.
- Q2 – Managing Risk in the Era of AI-Fueled Fraud: 76% of fraud and risk professionals believe their business has been targeted by AI fraud, with over half reporting this type of fraud happening daily or weekly.
- Q3 – Beyond the Breach: Account Takeover Data & Insights: The ATO attack rate saw a significant 24% increase across the Sift Global Network in Q2 2024 compared to the same period in 2023.
- Q4 – Decoding Dispute Trends: Dispute rates have spiked by 78% year-over-year in Q3 2024.
The Sift team is looking ahead to another year of empowering businesses to grow and expand securely. To stay updated on the most current fraud trends and insights in 2025, visit our Fraud Industry Benchmarking Resource (FIBR).