I like solving complex problems for customers. It means I get to constantly reimagine the user experience and redefine innovation. It challenges me to find new solutions, and it means I get to intentionally shape the future of every company I work with.
I’m Kris Nagel, new Chief Executive Officer at Sift. Most recently, I held the position of Chief Operating Officer at Ping Identity. I’ve built and led software and SaaS businesses around the world in a number of industries for over two decades, and it couldn’t be a more exciting time to get into trust and safety. There are many parallels between the opportunities and challenges for the enterprise in identity management and digital fraud. Enterprises must deliver high levels of risk protection while offering a seamless and enhanced end-user experience. Sift is focused on leveraging our global data network and machine learning models to create an unmatched Digital Trust & Safety platform.
My short-term focus will be getting to know our customers and partners, as well as the team at Sift. In the long-term, we’ll be working on setting the standard for products and organizational capabilities that enable Digital Trust & Safety for the enterprise. We’ll be investing heavily in engineering and technology, and continuing to build an unrivaled dataset to solve real-world challenges.
Industry interconnectivity and delivering trust
Sift’s core technology and global data network have set us apart in the fraud prevention space. That differentiation, along with the strong focus on long-term customer partnerships, made the decision to join an easy one.
With macroeconomic conditions creating disruption that fraudsters are known to exploit, it’s an exciting time to be on the front lines. E-commerce fraud losses amounted to $41.4B in 2022, and businesses globally spent an average of 10% of their revenue managing fraud. The stakes are clear: speed up and scale fraud operations, or pay for it in lost profits and brand abandonment.
It’s a unique, meaningful challenge that really tests our mission of helping everyone trust the internet. But I believe the true value of Sift isn’t limited to what we can prevent; it’s what we can enable businesses to build with the right tools and strategies in place. And, despite the global economic downturn, the fraud prevention industry is expected to grow 131% by 2027. I’m confident we’ll be at the forefront of that progress.
The current and future state of Sift
Sift’s core technology and capabilities are used by several of the largest consumer-facing enterprises in the United States and around the world. The platform was built by experts with a focus on ease, scalability, and platform functionality. We’re in the ideal position to harness the total power of our data, technology, and best practices to help our customers weather the economic storm and find opportunities for growth, even when they seem hard to come by.
As we work towards seizing the market opportunity before us, success will hinge on our ability to listen and adapt while focusing on customer outcomes and results. I’m incredibly lucky to be in the driver’s seat as Sift enters its next chapter, and I hope you’ll ride along on the journey with us.