Industry hub for fraud insights now includes data on fraudulent payment methods, and offers more intuitive user experience
SAN FRANCISCO, Nov. 14, 2024 (GLOBE NEWSWIRE) — Sift, the AI-powered fraud platform securing digital trust for leading global businesses, today 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.
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.
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.
| Benchmark KPI | FIBR Value: All Industries | FIBR Value: iGaming & Online Gambling |
| Most common fraudulent payment methods | Credit/Debit: 84.8% Electronic Fund Transfer: 6.6% Digital Wallet: 3% Points: 3% Others: 2.6% | Credit/Debit: 64% Electronic Fund Transfer: 20.5% Digital Wallet: 15.5% |
| Fraud rates by payment method | Points: 5.4% Cryptocurrency: 2.7% Electronic Fund Transfer: 2.1% Gift Cards and Vouchers: 1.9% Digital Wallet: 1.2% Credit/Debit: 1.1% | Electronic Fund Transfer: 1.8% Credit/Debit: 1.4% Digital Wallet: .9% Gift Cards and Vouchers: .2% Cryptocurrency: .2% |
“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.
To interact with the new-and-improved FIBR, go to sift.com/FIBR.
About Sift
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. Visit us at sift.com and follow us on LinkedIn.
Media Contact:
Victor White
VP, Corporate Marketing, Sift
press@sift.com
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