Discover Sift’s latest fraud data, insights from Money20/20, and G2 awards

As we head into summer, things are heating up. Our team recaps some highlights from June in our Digital Trust & Safety Roundup below. Read on for the latest news from Sift’s Q2 2023 Digital Trust & Safety Index, our Money20/20 Europe recap, and other exciting developments.

Q2 2023 Digital Trust & Safety Index—the rise of the machines

Sift has released its Q2 2023 Digital Trust & Safety Index, which finds that 78% of consumers are worried about AI being used to defraud them and that 68% of consumers noticed an increase in the frequency of spam and scams in the six months after ChatGPT was launched in November 2022. 

The democratization of fraud, such as the malicious use of ChatGPT, lowers the barriers of entry for non-technical attackers. Automation is amplifying these AI-enabled attacks—Sift has observed a 427% increase in account takeover (ATO) attacks in Q1 2023, compared to all of 2022.

Read more about our research in the Fintech Times and be sure to check out Sift’s interview on page 4 of the The Sunday Times, the Sunday edition of one of the UK’s largest newspapers.

SaaS excellence—Chris Jones joins Sift as Chief Revenue Officer

Chris Jones, a SaaS go-to-market executive with 25 years of experience and a track record of consistent results joins Sift as Chief Revenue Officer. According to Jones, “I love the challenge of working in a market where there are massive customer problems, such as online fraud, with equally large opportunities to stop it.”

In the midst of this surging fraud and investment to contain it, many vendors offering a variety of fraud-fighting approaches and technologies are vying for market share. And as the digital risk and cybersecurity markets mature, there will be more consolidation with enterprise security and identity & access. This massive shift in the market will make it all the more important for businesses to consider how they’re building trust with their customers and creating streamlined, secure online experiences in order to maintain loyalty. 

Learn more about why leading businesses choose Sift.

Sift’s Partner Program—expanding a global network of fraud-fighters

With today’s cybercriminals operating within a vast Fraud Economy, an interconnected network of fraudsters and shared abuse vectors, fighting back requires building an opposite network of organizations with the right technology to stay ahead of attacks. Sift’s recently expanded partner program is set up to do just that, broadening our network of partnerships to deliver Sift’s innovative fraud solutions to more organizations across the globe. 

“As businesses face accelerating and increasingly-costly threats, the fraud solutions they choose will need to solve for both security and revenue growth,” said Dave Scholtz, Sift’s VP of Global Partnerships. “By providing new and existing partners multiple pathways to success, and the support they need to pursue new opportunities, Sift’s Partner Program is set up to quickly drive growth for both partners and new customers.”

Read more about Sift’s Partner Program in The Paypers and learn more on our blog.

Money20/20 Recap—fighting first-party fraud

Money20/20 Europe is one of the largest and most influential events in fintech. More than 8,000 attendees convened to discuss the hottest trends and share their expert insights. Among these trends, payment orchestration and first-party fraud were both popular topics.

Payment orchestration seeks to reduce the fragmentation of payment systems. By consolidating tools and integrating the data between them automatically, businesses can reduce the amount of manual effort required for day-to-day operations.

First-party fraud has emerged as a hot-button issue at every conference Sift has attended recently. Most of these conversations have centered around Visa Compelling Evidence 3.0, which enables merchants to win more illegitimate disputes and reduce the number of overall chargebacks by providing evidence of previous legitimate transactions. 

Watch Sift CMO Armen Najarian speak with Financial IT at Money20/20 Europe and read our Money20/20 recap blog.

G2 awards recognition—Sift leads the field

G2, the largest and most trusted software review site, has awarded Sift multiple badges in several categories, including Fraud Protection Enterprise Leader, Fraud Protection Mid-Market Leader, and E-commerce Fraud Protection Leader.

These badges are determined by user reviews and reflect user satisfaction with our platform.

More than 80 million people annually use G2 as a resource for authentic peer reviews when making software decisions, so this recognition from G2 is validation of our customer satisfaction.

Read Sift user reviews on G2.