The first quarter of 2024 marked a pivotal period of growth for Sift as we continued to lead the charge in the fight against online fraud and abuse. From reaching new patent milestones to welcoming industry veterans to our team, Sift has had a busy and exciting year so far. Join us as we recap the key highlights and achievements from the first several months of 2024.
Sift Secures 40 Patents
At the start of the year, we announced that Sift has now secured 40 patents granted or allowed by the United States Patent and Trademark Office (USPTO), demonstrating a continuous drumbeat of innovation and a focus on technology that helps our customers fight fraud and grow their businesses, as noted by Sift CEO Kris Nagel:
“Sift’s journey from inception in 2011 to now, culminating in 40 patents granted or allowed by the USPTO, is a testament to our commitment to customer-focused innovation. Since day one, we’ve leveraged data science to empower businesses to fight fraud while enhancing the user experience and growing their business. These patents reflect not only our technological prowess but also the impact we’ve made in fueling growth for our customers. We’re proud of this milestone and will continue pushing boundaries to shape the future of our industry.”
Read our press release to find out more about this milestone.
Introducing Our New Look and Era of AI-Powered Risk Decisioning
Sift has ushered in a new era of AI-powered risk decisioning, revolutionizing how businesses protect and grow their customer base amid rapidly evolving fraud threats. Our rebranded website and fresh visual identity launched in Q1 reflect this elevated market positioning and commitment to empowering businesses with unparalleled accuracy and efficiency.
As mainstream AI has given fraudsters the upper hand, Sift remains at the forefront of this technology with our core machine learning capabilities. Our AI-powered platform serves as the operating system for today’s fraud fighters, harnessing the power of our global data network, advanced machine learning, and consumer identity insights to enable businesses to turn the tables on fraudsters.
Read this blog and explore our refreshed website and learn how our cutting-edge AI technology empowers businesses to stay one step ahead of fraudsters and grow fearlessly.
A Leader in Fraud Prevention for 11 Straight Quarters
Sift has once again been named a Leader by G2 in its Winter 2024 Grid® Reports, across all three fraud prevention categories: Fraud Detection, E-Commerce Fraud Detection, and Risk-Based Authentication. This marks 11 consecutive quarters as a Leader in E-Commerce Fraud Detection, 16 in Fraud Detection, and 5 in Risk-Based Authentication.
We’re honored to once again be the only fraud prevention vendor to achieve “Leader” status across all three of these categories. Over 230 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.
Learn more about what our customers have to say.
Welcoming New Customers: Underdog Fantasy and Nexo
At the start of 2024, we announced our brand new partnerships with companies Underdog Fantasy and Nexo to help them prevent fraud, streamline user experiences, and protect against digital risk as they grow.
- Underdog Fantasy, a leading sports gaming platform, chose Sift to proactively prevent fraud and abuse while providing a seamless experience for legitimate users. Read the announcement.
- Crypto platform Nexo partnered with Sift to protect its 5M+ users against account takeover, multi-accounting, and other types of fraud, while reducing friction for trusted customers. Read more.
They join our community of 34,000 sites and apps trusting Sift to enable faster, more accurate risk decisioning.
Sift Named a Best Place to Work by BuiltIn
Sift was once again honored in Built In’s 2024 Best Places to Work Awards, earning spots on three lists: U.S. Best Midsize Places to Work, San Francisco Best Places to Work, and San Francisco Best Midsize Places to Work. This marked the fourth time Sift has been recognized by Built In for fostering a positive, inclusive work environment and offering competitive total rewards packages.
Liz Kosinski, Chief People Officer at Sift, celebrated the recognition: “As Sifties have embraced our values and culture, we’ve cultivated a spirit of connectedness, flexibility, and innovation that resonates across individuals and teams, and Built In’s award is a reflection of our efforts.”
Read more on Built In’s Best Places to Work award.
Sift Welcomes Raviv Levi as New Chief Product Officer
In January, Sift appointed Raviv Levi as our new Chief Product Officer. With over two decades of product development and management experience, most recently as Vice President of Security Strategy and Innovation at Cisco, Levi is well-positioned to lead Sift’s product strategy and execution.
“When the time came to think about my next career adventure, I had no doubt, it had to be something that was at the forefront of technology and innovation—and it had to be something that’s going to change the world for the better,” Levi notes.
In his new role, Levi oversees Sift’s product strategy and roadmap, focusing on building upon our core platform to protect businesses against fraud while enhancing the user experience. CEO Kris Nagel praised Levi’s “impressive track record of driving meaningful innovation” and “passion for solving complex customer problems.”
Get to know Raviv Levi, learn why he chose Sift, and his approach to product innovation.
Fighting Against the Rise of Friendly Fraud
In a recent Fast Company article, Sift CEO Kris Nagel delves into the growing trend of “friendly fraud” among Gen Z consumers and what businesses need to know to protect themselves.
“Friendly fraud is one of the most common online fraud tactics because it has a lower barrier to entry—anyone can make a legitimate purchase and then dispute it, and they may not even think what they’re doing is committing fraud,” Nagel writes.
He explains how Gen Z, the first generation of true digital natives who have grown up with e-commerce and social media, may view friendly fraud as a victimless crime or even a “hack.” But the consequences for businesses can be severe, including lost revenue, merchandise, and chargeback fees.
Read Kris Nagel’s op-ed in Fast Company.
CEO Kris Nagel Discusses Fraud Trends and Solutions on NYSE Floor Talk
During a NYSE Floor Talk interview, Sift CEO Kris Nagel discussed the “democratization of fraud” with host Judy Khan Shaw. He explained how the widespread availability of sophisticated tools and technologies like generative AI is empowering fraudsters to launch complex, automated attacks on a massive scale.
“The most concerning phenomenon is what we call the ‘democratization of fraud,’ so the idea that any person really anywhere in the world that’s connected to the internet has access to a set of tools that are freely available to commit fraud. The democratization of fraud gives people the power to do things that they wouldn’t otherwise have done in the past.”
Explore more of the key takeaways from the conversation in this video.
Brittany Allen Warns the Growing Threat of Refund Fraud with CNBC
In a recent CNBC feature on the rise of refund fraud schemes, Sift’s Director of Fraud and Risk Brittany Allen warned of the “democratization of fraud”—the trend of these scams becoming more accessible and mainstream through social media and messaging apps.
“All you need is to have a phone that can go to Reddit, or a TikTok account you’re already on, and you’ll potentially be exposed to fraud that doesn’t take as much uplift to participate in,” Allen explained. Fraudsters now openly discuss tactics and recruit participants on platforms like Reddit, TikTok, and Telegram.
As these schemes continue to evolve, staying vigilant and embracing cutting-edge prevention technologies will be crucial for businesses to protect their bottom line and maintain customer trust.
Read how fraudsters are exploiting social media to make refund scams more accessible than ever in this CNBC article.
