Sift Expands Fraud Industry Benchmarking Resource (FIBR) with Account Takeover and Two-Factor Authentication Trend Data
New Benchmarks Provide Expanded Visibility into Digital Risk Attack Types Across Key Industries
SAN FRANCISCO, May 07, 2024 (GLOBE NEWSWIRE) — Sift, the AI-powered fraud platform securing digital trust for leading global businesses, today announced the availability of trend data for two new fraud metrics in the Fraud Industry Benchmarking Resource (FIBR). FIBR is powered by Sift’s Global Data Network, which analyzes more than 1 trillion events and identity signals per year.
With this latest update, FIBR now includes account takeover (ATO) attack rate and two-factor authentication (2FA) rate trend data, in addition to the existing data related to payment fraud attack, fraudulent chargeback, and manual review rates. FIBR users can now easily compare ATO attack rates and two-factor authentication rates across different industries or geographies—providing unique visibility into the most critical KPIs that influence fraud prevention strategies and operations.
Account takeovers, where fraudsters gain unauthorized access to user accounts, have become one of the most popular attack methods among cybercriminals in recent years. As reported in the Sift Q3 Digital Trust & Safety Index, ATO attacks increased 354% year-over-year in Q2 2023 alone. Yet not all industries are targeted equally. For example, online loyalty programs are often squarely in the crosshairs of fraud actors seeking to hijack the hard-earned accrued rewards of legitimate customers. Similarly, food and delivery services face soaring ATO attack rates and below-average 2FA rates, as fraudsters know that these services prioritize frictionless experiences for customers on their online and mobile ordering platforms.
| FIBR Metric | FIBR Value: All Industries |
FIBR Industry: Loyalty Programs |
FIBR Industry: Food Ordering & Delivery |
| ATO Attack Rate | 2.5% | 11% | 20% |
| 2FA Rate | 10% | 12% | 3.5% |
“AI-powered fraud attacks continue to scale with greater volume, velocity, and sophistication. In order to fight back effectively and know what “good” looks like, fraud fighters need access to the most up-to-date operational trends for their respective industries,” said Armen Najarian, Chief Marketing Officer at Sift. “By expanding FIBR with new account takeover and 2FA metrics, we’re equipping the fraud fighting community with the insights they need to grow fearlessly.”
All FIBR insights are available on-demand at 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
Senior Director of Corporate Communications, Sift
press@sift.com
