GlobeNewswire
Industry hub for fraud insights now includes data on fraudulent payment methods, and offers more intuitive user experience
Sift, the AI-powered fraud platform securing digital trust for leading global businesses, announced the release of new insights to the Fraud Industry Benchmarking Resource (FIBR), a free online tool powered by Sift that allows anyone to access key fraud metrics across industries, geographies, and time. The new metrics reveal the frequency of fraudulent payment methods used across industries, as well as the fraud rates (transactions blocked by Sift due to fraud) for common payment methods within the Sift Global Data Network. These insights can prove crucial for companies when benchmarking performance against industry peers, setting order acceptance thresholds, and informing how risk teams handle manual review.
“Sift launched FIBR nearly one year ago, and it has become the gold standard for fraud insights and metrics for risk professionals around the world.”
Across the Sift Global Data Network, credit and debit cards account for 85% of fraudulent transactions. But the data paints a different picture for fraudulent payment methods in certain industries—especially those with high-velocity transaction volumes.
Read More on Fintech : Global Fintech Series Interview with Krishna Venkatraman, Chief Data Officer at Kueski
For example, in iGaming & Online Gambling, the use of credit and debit cards drops to 64%, with electronic fund transfers (20.5%) and digital wallet payments (15.5%) comprising the remaining mix of fraudulent payments. Likewise, electronic fund transfers have the highest fraud rate among payment methods for iGaming & Online Gambling, up from the third position across the Sift Global Data Network. The dichotomy between iGaming & Online Gambling versus all network transactions indicates that fraudsters may be trying to leverage electronic fund transfers to launder money, and using these payments to access instant cash.
“Sift launched FIBR nearly one year ago, and it has become the gold standard for fraud insights and metrics for risk professionals around the world,” said Armen Najarian, Sift’s Chief Marketing Officer. “With our newly released upgrade, anyone—whether they’re Sift customers or not—can leverage FIBR to fine-tune their fraud prevention strategies and align with peers in their industry.”
In addition to releasing new fraud metrics, Sift has completely redesigned FIBR to be more informative, intuitive, and transparent. The new design offers smoother navigation and provides clearer definitions for each metric, along with accessible tooltips to add context to data.
Sift is the AI-powered fraud platform securing digital trust for leading global businesses. Our deep investments in machine learning and user identity, a data network scoring 1 trillion events per year, and a commitment to long-term customer success empower more than 700 customers to grow fearlessly. Brands including DoorDash, Yelp, and Poshmark rely on Sift to unlock growth and deliver seamless consumer experiences.
Catch more Fintech Insights : Global FinTech Interview with Yaacov Martin, CEO at The Jifiti Group
[To share your insights with us, please write to psen@itechseries.com ]
