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Fraud Intelligence Center
Fraud attacks in one industry impact every industry.
The Fraud Economy is an interconnected web of fraud and abuse vectors that influence and impact one another. Explore data insights from the Sift global network of more than one trillion events per year, representing over 34,000 sites and apps across multiple industries, and learn how cybercriminals leverage the Fraud Economy to target businesses and consumers around the globe.
See Sift’s latest data
Account takeover (ATO) attacks skyrocket, with fintech hit hard
Q2 2023 compared to Q2 2022
↑354%
YoY rise in ATO attacks across Sift’s global network
↑808%
YoY rise in ATO attacks against fintech
ATO-as-a-service
Fraudsters use automation to accelerate attacks
Atlantis AIO (also known as Atlantis-X) is a fraud-as-a-service credential stuffing tool, accessible via a simple link for $150 per month.
Step 1
A fraudster finds and clicks the Atlantis AIO link and pays the $150 monthly subscription fee. It’s common for users to sign up using cryptocurrency, adding a layer of anonymity to the transaction.
Step 2
Behind the paywall, the fraudster enters the stolen or purchased account credentials into the Atlantis tool, which uses automation to rapidly verify if, and where, those credentials are accurate and active.
Step 3
Login details can be entered individually or in bulk. Once credentials are either authenticated or proven defunct, the fraudster can plan the next phase of attack.
Step 4
The fraudster takes the Atlantis-authenticated data to the related website or app, quickly and easily accessing the compromised account and any funds or additional identification details protected behind it.
Consumers report an increase in account breaches
18%
of consumers surveyed by Sift said they’ve been victims of account takeover (ATO)
62%
of consumers who reported experiencing ATO said it took place in the past year
Top 3 sites or apps where consumers experienced ATO attacks
Digital subscriptions
Online shopping
Financial services
Consumer insights gathered on behalf of Sift by Researchscape, which polled 1,035 U.S. adults (aged 18+) in July of 2023.
Kevin Lee, Vice President of Trust and Safety at Sift
“2023 has been the year of the account takeover. We’ve seen a perfect storm of factors, from AI-fueled social engineering, the availability of fraud-as-a-service tools, and fraud influencers democratizing access to stolen accounts, leading to an ATO explosion. And while fraudsters are leveraging the most innovative tools and techniques available to steal from businesses and consumers, those businesses need to take advantage of technologies like machine learning and automation to defend against digital risk."
Fraud’s impact on customer loyalty
Percent of consumers who would abandon a brand due to fraud
80% due to payment fraud
Data represents responses to multiple surveys of U.S. adults conducted by Sift between 2020–2023.
80% due to payment fraud
76% due to account takeover
84% due to fake or misleading content
83% due to a fraud dispute
