Sift, an AI-powered fraud platform, has announced a revamped solution to protect businesses from account takeover (ATO) fraud throughout the entire consumer journey. According to Sift’s analysis, their ATO solution prevents a median of up to $4.2 million per year in fraud losses per customer. This comprehensive approach aims to combat the growing threat of ATO, which resulted in $13 billion in losses in 2023 alone.
ATO attacks have been on the rise, increasing by 24% in Q2 2024 compared to the same period last year. Traditional solutions that focus on stopping account theft only at the point of login often leave businesses vulnerable to attacks at different stages of the consumer journey. Additionally, ATO is often a challenge for organizations as it falls between the cracks, with no clear owner between Fraud and Security departments. Sift’s solution aims to bridge this gap by allowing departments to collaborate and take ownership of ATO through united data and workflows.
Key advancements of the new Sift ATO solution include identity-centric accuracy, powerful integrations with Customer Identity Access Management (CIAM) platforms like PingOne DaVinci and Okta Auth0, and fine-tuned controls such as robust MFA capabilities and continuous monitoring after login. These enhancements aim to provide organizations with a more holistic approach to ATO prevention and mitigation.
Raviv Levi, Chief Product and Technology Officer at Sift, emphasized the interconnected nature of the ATO problem, stating that traditional approaches often result in fragmented data and incomplete insights. Sift’s approach aims to provide a single source of truth for ATO prevention, empowering organizations to address the issue more effectively and remove barriers to revenue.
In addition to the revamped ATO solution, Sift has also introduced advanced behavior signals and VIP Fast Pass controls for high-velocity transaction industries like iGaming and Fintech. The company has also expanded its RiskWatch functionality for faster and more insightful manual reviews.
For more information about Sift’s latest innovations, including the revamped ATO solution, visit the Sift Blog. Sift is committed to securing digital trust for leading global businesses, with over 700 customers relying on their AI-powered fraud platform to unlock growth and deliver seamless consumer experiences. Visit sift.com for more information and follow Sift on LinkedIn for updates.
Media Contact:
Victor White
VP, Corporate Communications, Sift
press@sift.com
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