SAN FRANCISCO, Oct. 25, 2024 (GLOBE NEWSWIRE) -- In a release issued on October 24, 2024 under the same headline by SIFT, please note that in the sub headline and first paragraph references to $1.9 million per week have been corrected to $4.2 million per year. The corrected release follows:
Sift's ATO solution prevents a median of up to $4.2 million per year in fraud losses per customer
Sift, the AI-powered fraud platform securing digital trust for leading global businesses, today announced its latest quarterly product update, featuring an enhanced solution to protect businesses from account takeover (ATO) fraud throughout the entire consumer journey. Sift's detailed analysis of its customers shows that its ATO solution prevents a median of up to $4.2 million per year in fraud losses per customer. Its comprehensive approach ensures that organizations can safeguard their users from point of login to post-transaction, addressing the growing threat of ATO that resulted in nearly $13 billion in losses in 2023 alone.
Fueled by a digitally-driven economy, ATO attacks increased 24% in Q2 2024 compared to the same period last year, when attacks skyrocketed by 354% according to Sift research from 2023. Traditional solutions that seek to stop account theft only at the point of login often fall short, leaving businesses vulnerable to attacks that occur at different points of the consumer journey. Exacerbating the problem is that ATO often lives between the cracks within organizations, making it an "orphan” threat with no clear owner between Fraud and Security departments. Sift allows these departments to collaborate and take ownership of ATO by uniting data and workflows that are accessible to both.
Key Advancements with new Sift ATO solution:
Identity-Centric Accuracy: AI-powered insights, real-time behavioral analysis, and expanded device fingerprinting provide richer context around risk and user intent throughout the consumer journey.Powerful Integrations: Unify and extend existing Customer Identity Access Management (CIAM) workflows through low-code integrations, including Ping Identity PingOne DaVinci and Okta Auth0, accelerating time to value and strengthening identity management investments across the security tech stack.Fine-Tuned Controls: Robust MFA capabilities and continuous monitoring after login deliver precise friction at the session level. Pre-built, industry-specific automations generate immediate impact out of the box.
"Account takeover is a deeply connected problem that impacts multiple facets of a business, from cybersecurity to finance,” said Raviv Levi, Chief Product and Technology Officer at Sift. "Traditional approaches often result in fragmented data and incomplete insights, making it difficult to fully understand and mitigate the impact of ATO. Sift's unique approach unites departments and data, providing a single source of truth for ATO prevention and removing barriers to revenue.”
Additional innovations from Sift this quarter include advanced behavior signals and VIP Fast Pass controls for high velocity transaction industries like iGaming and Fintech, as well as expanded RiskWatch functionality for faster, more insightful manual reviews.
For more information about Sift's revamped ATO solution and other innovations, visit the Sift Blog here.
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 Communications, Sift
press@sift.com
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