The third quarter of 2024 has been an eventful one for Sift, marked by global gatherings of fraud experts, key product innovation, and a milestone industry recognition. We also expanded our team by welcoming Alexander Hall as our newest Trust and Safety Architect, and shared new data on the rising threat of account takeovers. Here’s a look back at the last few months.
Bringing Fraud Fighters Together
This summer, Sift partnered with About Fraud to host Risk Revenue Forums in multiple cities across the world, bringing together industry professionals to discuss the latest trends, technologies, and strategies in fraud prevention. These sessions, held from Los Angeles to London, covered topics such as AI’s dual role in fraud facilitation and prevention, the necessity of proactive security measures, and the growing importance of regulatory frameworks in today’s digital-first world. Participants also discussed how businesses can turn emerging fraud threats into growth opportunities.
In considering the balance between risk and revenue, attendee Paul Rodgers, Chairman at Vendorcom, reflected on how fraud teams and businesses can approach this challenge:
“Link up all the ‘actors’ – no one stakeholder group should define the journey/criteria or be the absolute gatekeeper. Allow flexible application of fraud prevention measures based on ATV, volume, liability, impact on the integrity of the overall ecosystem.”
Read more about the key takeaways from the forums here.
Fraud Management as a Tool for Growth
Online fraud management is no longer a back-burner concern for businesses, but rather a critical priority. This summer, Sift hosted experts from Forrester Research and Deloitte for a webinar to discuss why it’s important for the C-Suite to prioritize advanced, integrated fraud management strategies to protect revenue, enhance customer experience, and combat evolving fraud.
With AI-driven fraud tactics evolving, the discussion underscored that companies need multi-layered defenses, incorporating technologies like biometric verification and anomaly detection, to stay secure.
Andras Cser, Vice President and Principal Analyst at Forrester Research, noted:
“The only chance that you have on the defensive side is to use AI and GenAI to defend against AI and GenAI-based attacks. It’s basically beating the adversary at their own game with their own tools. Better threat detection, using artificial intelligence, using a multitude of traditional models and an ensemble of models in decision-making usually yields better and more accurate responses.”
Watch the full webinar or read about the highlights.
Revolutionizing Fraud Detection with Industry-Specific Models
In August, Sift announced the launch of ThreatClusters, a new innovation in fraud detection that leverages industry-specific consortium models to identify both suspicious and legitimate activity. Grouping businesses with similar fraud patterns into cohorts, ThreatClusters refines fraud decision-making by combining insights from both global and customer-specific models. This approach improves detection accuracy, reduces false positives and negatives, and minimizes user friction while still protecting revenue.
“By removing unnecessary obstacles to conversions and fast-tracking revenue opportunities, businesses can provide the smoothest journey and highest level of convenience for trusted users,” explained Raviv Levi, Sift’s Chief Product & Technology Officer. “For new customers, ThreatClusters provide faster time-to-value by integrating global and cohort models that enhance model accuracy and reduce adoption timelines.”
Read more about how ThreatClusters helps businesses with customer retention and customer experience.
Welcoming a New Trust and Safety Architect
Also in August, Sift welcomed our newest Trust and Safety Architect, Alexander Hall. Hall brings over 17 years of experience in fraud prevention, and a particularly unique perspective, having once been a fraudster himself. Now, Hall brings his unique understanding of fraud tactics to Sift, where he helps businesses stay ahead of increasingly sophisticated threats.
Inspired by Sift’s proactive and innovative approach to fraud prevention, Hall is eager to support Sift’s mission of protecting digital trust.
“What drew me to Sift was their holistic approach to fraud decisioning and prevention. They’re not just reacting to threats—they’re proactively building systems that prevent fraud before it happens.”
Read more about Hall and his career journey here.
Rising Account Takeovers and Fraud-as-a-Service
In September, Sift released its Q3 2024 Digital Trust Index, examining the growing threat of account takeovers (ATO), revealing a 24% year-over-year increase in ATO attacks in Q2 2024. Likewise, 24% of surveyed consumers reported being victims of ATOs in the past year, up from 18% the previous year.
The Sift Trust and Safety team also uncovered a new identity theft tool available on Telegram, which allows anyone to access stolen credentials for just $10 per week. This fraud-as-a-service tool aggregates data from multiple breached sources, enabling users to quickly obtain login credentials for thousands of individuals and companies.
Read the full report for more findings.
Sift Snags the Number One Spot in G2’s Fall 2024 Reports
Following success in the Summer 2024 G2 reports, Sift reached an important milestone in G2’s Fall rankings by earning the number 1 spot in all fraud prevention categories—Fraud Detection, Risk-Based Authentication, and E-commerce Fraud Protection—in G2’s 2024 Fall Reports.
G2 is the world’s largest and most trusted software marketplace, and its rankings are determined primarily by authentic user reviews. To date, close to 400 real users have left valuable feedback about Sift. Here is what one of our reviewers had to say:
“Incredible tool to catch fraudsters — Sift is a powerful tool for risk management and fraud prevention, offering accuracy, flexibility, and real-time capabilities. Highly recommended for businesses seeking to strengthen their fraud prevention strategies.”
Explore our customer case studies to learn more about how we partner with businesses to fight fraud and enable growth.
