As we wrap up the first week of June, our team looks at the highlights from the last several weeks in our Digital Trust & Safety Roundup below. Read on for the latest fraud-related news, including Sift’s newest product capabilities and insights from Sift’s CMO Armen Najarian on the role of fraud prevention within organizations.
Getting to value faster with Digital Trust & Safety
Fraudsters don’t wait until your business has the right fraud protections in place to attack. Empowered by automated tools, easy access to information, and emerging AI technology, fraud attacks are likely to intensify and accelerate. In addition to Sift’s recently launched global customer community, Sifters, Sift’s newest product feature, Starter Workflows, helps new customers onboard quickly and start seeing benefits from their fraud operations in a matter of days, losing no time in the fight against fraud.
“Leading online businesses deliver solutions that make sense to users from first login, clearly address pain points, and include features that demonstrate value quickly,” said April Oman, Sift’s Chief Customer Officer. “To be successful, they need the tools they rely on to do the same.”
Read more about Sift’s new rapid deployment capabilities in April’s blog.
Interview with Sift CMO sheds light on fraud trends and misconceptions
Many business leaders and organizations still have a limited view of what fraud prevention entails, viewing it as separate from key operational and revenue decisions. Sift’s Chief Marketing Officer, Armen Najarian, recently sat down with MarTech360 to talk about common misconceptions about fraud prevention, highlight the fraud trends currently impacting fintech and e-commerce, and share the experiences that brought him to Sift.
“I find that people often think about fraud prevention as an obscure function tucked away into the line of business in an organization. Today, fraud touches so many parts of an organization—Customer Service, Finance, Legal, IT, and yes, Marketing–that it’s often a connection point between teams. Customer service needs to be able to escalate fraud claims to fraud analysts who then need to work with other teams to ensure a claim is handled properly. And of course, if a company lets their fraud issues go unchecked, it becomes a reputational hazard for Marketing.”
Read the full interview with Armen here.
Digital natives are leading the way in fraud prevention
With more consumer activity happening online, almost all companies today have some sort of digital presence. But this transition to digital platforms also means that almost all businesses are coming face-to-face with online fraud. And with card-not-present (CNP) fraud projected to account for $9.49 billion in losses this year, making up 73% of all payment fraud, getting serious about fraud prevention is no longer optional for any businesses concerned about its bottom line.
Fortunately, digital native companies, those that exist entirely online and have been at the forefront of digital fraud, have a lot to teach us about fraud prevention.
“Digital native companies, who have always relied on their revenue from CNP transactions, have had to quickly embrace new fraud prevention technologies and re-evaluate their risk operations to survive,” said Kevin Lee, VP of Trust and Safety at Sift. “A recent survey revealed that cybersecurity and cloud computing are the top two technology initiatives prioritized by business leaders; in pursuit of both, digital native companies have learned valuable trust and safety lessons that offer a blueprint for how all companies need to approach and scale fraud prevention.”
Read more in the Paypers.
Discover what your online business needs to improve fraud operations and cut spend with Sift’s Digital Trust & Safety Assessment.