The US-based financial technology company Sift recently announced that it had added new features to help those who fight fraud do their jobs better.
Fraud prevention tech software sift has achieved unicorn” status in 2021, after raising a $50 million venture capital funding round.
In a press release, Mary Writz, the Senior Vice President of Products at Sift, said that because the economy is uncertain, many risk teams have less money and more pressure to prevent fraud and keep making money.
The latest changes to the platform are meant to help Sift customers accurately judge the risk of fraud and make quick decisions at every step of the user experience, from logging in to filing a chargeback.
Details about the change that will be made to the Sift platform
The Sift platform protects against fraud and client abuse by using a worldwide data network that processes 70 billion monthly events and focuses on keeping long-term relationships with customers. Global businesses like DoorDash, Twitter, and Blockchain.com depend on Sift to give them a competitive edge in their fields as per sift 50m seriesazevedotechcrunch.
In the most recent and essential updates to Sift’s platform, the following parts are added:
Automation: Intelligent automation and suggestions based on machine learning mean that people spend less time working on disputes, which makes it easier for them to win. Chargeback management has been made easier by adding more connectors. With the help of new integrations, the dispute management team can quickly handle data about disputes for significant processors.
Connections for synchronized data:
New connectors with Checkout.com and Jumio in the Sift App Gallery make it possible to add to chargeback data and make it easier to verify and authenticate customers.
Productivity and review improvements: Sift’s Console has been updated in several ways that improve the accuracy of bulk decisions. The first people to use bulk decisioning say that it has cut the time people spend on reviews by more than 30%.
Global facts and numbers about fraud
According to poll results provided by Sift itself, the improvements that Sift has made result from an implied need to be innovative. The changes to the Sift platform come at a time when companies are dealing with more fraud than ever before.
The number of account takeover attacks is expected to rise by 131% between the first half of 2021 and the first half of 2022, according to Sift’s Q3 Digital Trust & Safety Index.
The research shows how to account takeover (ATO) attacks. In the first half of 2022, there were 131% more ATO attacks on Sift’s global network than at the same time in 2021.
On the other hand, fraudsters are trying to use information about payments and accounts that are no longer being used. 71% more attacks happened in the financial technology industry, 39% more in marketplaces, and 37% on digital products and services. In financial technology, the number of attacks on bitcoin exchanges went up by 79%.
Plan to work together.
The Trust and Safety Architects at Sift have found a new scam that takes advantage of people who have cryptocurrency accounts. Because the value of cryptocurrencies has decreased in recent months, this scam takes advantage of the fact that many people don’t check their accounts as often as they used to.
The Sift team found that scammers are talking to each other on dark web markets and deep web forums hosted on Telegram to send money stolen from cryptocurrency wallets and bank accounts.
In the crypto cashout scam, one con artist asks another con artist for help in laundering money that was stolen. This second con artist has been able to take over bank accounts and cryptocurrency wallets connected to the first scam.