Our latest Digital Trust & Safety Roundup is here: explore data from our newest quarterly Digital Trust & Safety Index report, learn about our latest product enhancements and company recognition by G2, and discover the role of a Trust and Safety Architect who dives into the inner workings of the deep web.
More younger generations admitting to fraud
Our Q4 2023 Digital Trust & Safety Index report is live, with data findings focusing on chargebacks and dispute trends. The report sheds light on the prevalence of first-party fraud, with younger generations, particularly Gen Z, exhibiting a higher propensity for engaging in first-party fraud (also known as ‘friendly fraud’), with 42% of Gen Z consumers surveyed by Sift admitting to filing fraudulent chargebacks.
“We’re seeing a trend of younger generations increasingly taking advantage of consumer-friendly chargeback protections,” Rebecca Alter, Trust and Safety Architect at Sift, told the New York Post.
“This should serve as a wake-up call for businesses to implement a proactive fraud strategy and end-to-end dispute management process in order to preserve profitability.”
Read the full Q4 2023 Index report for more insights.
Sift’s Workflow Simulation, an evolution of Workflow Backtesting
With digital fraud now a persistent threat for businesses of all kinds, staying ahead requires cutting-edge technology that combines automation and actionable insights. However, while automating fraud strategies is essential for scaling fraud prevention, it can be challenging to understand what changes need to be made without risking performance and efficacy.
Sift’s newly released Workflow Simulation, an evolution of Workflow Backtesting that launched earlier in 2023, empowers businesses by providing on-demand, drill-down insights to guide automation improvements in a simulated environment. This tool allows companies to operate faster and more confidently, enabling them to pinpoint, test, and measure automation adjustments before implementation.
“Workflow Simulation has made it easier for us to meet our SLAs and has given us the ability to pinpoint how to optimize our automation with data-backed confidence,” noted Derek Shull, Fraud Manager, Strategy & Analytics with Sift customer Poshmark. “What’s more, this offering has replaced what we formerly did with a third-party BI tool by incorporating Workflow Simulation’s on-demand insights directly within the Sift Console.”
Read more about how Workflow Simulation offers businesses a data-backed approach to fraud prevention and enables safer, easier growth for digital businesses.
E-commerce fraud tips from customer Everlane
During the holiday season, fraud prevention is a high priority for e-commerce retailers like Everlane, especially when it comes to chargebacks and purchase disputes. Rebecca Alter, Trust and Safety Architect at Sift, was joined by TJ Stein, Customer Experience and Operations Leader at Everlane, for a webinar to discuss how online retailers can adjust their e-commerce fraud defenses during times of high volume transactions, noting that clear communication throughout the purchase process can minimize customer disputes.
Understanding the unique challenges of holiday shopping is essential, Stein noted, with customers shopping more frequently and sometimes making purchases for others, fraud-warning systems need to be adjusted to account for this behavior. Consumers may also make purchases from the same retailer several times in a day: “During Black Friday, we might have a customer come back three or four times that day to take advantage of a promotion,” Stein said.
Explore more of the key takeaways from the conversation in this Digital Commerce 360 article.
Going undercover on the deep web to prevent fraud
Brittany Allen, Trust and Safety Architect at Sift, has worked in fraud prevention for over 14 years, which means she’s seen online fraud (and the fraud prevention tools used to combat it) evolve and change. Recently, she penned a piece for Built In, highlighting the increasing complexity and cost of fraud to businesses, due to advancements in technology and the explosion in e-commerce in recent years. Brittany also explained how she goes undercover on the deep and dark web to understand fraudster tactics and motivations, and the insights gained from observing fraudster conversations, which she uses to help companies identify vulnerabilities and protect against various fraudulent methods, such as account takeovers and identity theft.
“As a trust and safety architect, my job is to help Fortune 500 companies take a look behind the curtain. By observing the conversations fraudsters are having on the deep and dark web, I can help businesses understand vulnerabilities in their systems and how to protect themselves.”
Read Brittany’s full op-ed here.
Sift once again recognized by G2
For the second quarter in a row, Sift was recognized as the only Leader in G2’s Winter 2024 Grid® Reports across all three fraud categories: Fraud Detection, E-commerce Fraud Detection, and Risk-Based Authentication. Additionally, this marks Sift’s 11th consecutive quarter as a G2 Leader in E-Commerce, 16th consecutive quarter for Fraud Detection, and 5th consecutive quarter for Risk-Based Authentication. The recognition is based on customer satisfaction, market presence, and authentic user reviews, showcasing Sift’s commitment to building the most complete, accurate, and effective fraud prevention platform on the market.
Armen Najarian, Sift’s Chief Marketing Officer, expressed gratitude to over 230 Sift customers for their valuable feedback, which has contributed to Sift’s consistent recognition as an industry Leader across categories. Sift also ranked number one in eight new categories in the Winter report, including Enterprise Grid and Enterprise Relationship Index for Fraud Detection, and the Overall Grid Report for Risk-Based Authentication.
Customer reviews on G2 highlight Sift’s effectiveness in reducing chargebacks and fraud reports, streamlining fraud prevention processes, and adapting quickly to emerging fraud trends. As one satisfied Sift user put it:
“SIFT’s end-to-end solution is a revelation. It’s efficient, intelligent, and remarkably easy to use.
This tool truly stands out in the crowded landscape of fraud detection and risk management solutions. The single, intuitive console is a game-changer. It’s like having all the necessary tools and insights right at your fingertips without the hassle of switching between disconnected systems.”
Read our press release to find out more about G2 and its quarterly reports.
Watch Rebecca Alter recap the key findings from our latest Index report.