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More from Sift #FibreFriday What consumers say: When asked, consumers identified social media platforms, streaming services, bank accounts, and online shopping as the top sites or apps where they experienced ATO. ATOs are affecting many types of accounts.

📈 We're here with another #FIBRFriday, our weekly series where we share insights from our Fraud Industry Benchmarking Resource, FIBR. In our latest Digital Trust Index, powered by FIBR data, we found that the average account takeover (ATO) attack rate increased by 24% in Q2 2024 compared to the same time last year. And consumers are feeling it -- 24% of consumers surveyed by Sift have been a victim of ATO in the past year, up from 18% in 2023. This trend is not only harmful to consumers, it is also highly damaging to businesses, as the majority of consumers say they would *stop* shopping with a brand where they had been a victim of ATO. 📌 For more insights, check out our Digital Trust Index report for the latest FIBR findings on ATO: https://buff.ly/3B1XgNS 🔗 And remember that FIBR is interactive, explore the tool yourself to compare to explore fraud benchmarks: https://buff.ly/3K7l9ES #FraudPrevention #FraudTrends #Fraud #FraudRates #AccountTakeovers #AccountHacking #DigitalTrust

📊 We're here with another #FIBRFriday, where we share weekly insights from our Fraud Industry Benchmarking Resource -- this time with newly released data from Q1 of 2024. This week, we're examining the ticketing industry (companies that engage in the sale or distribution of tickets for events, services, or transportation), which has seen some major spikes in payment fraud, increasing by almost 70% in 2023 compared to the previous year, according to our latest Index report. In Q1 of 2024, payment fraud in ticketing reached 4% --- a ⬆️ 25% increase compared to Q4 and a ⬆️ 54% increase compared to Q1 of last year. What do you think could be contributing to this spikes in fraud for this industry? Let us know in the comments below 👇 FIBR is interactive, explore the resource yourself to see how your own industry's fraud rates compare: https://buff.ly/49fMYFo And find out more about the latest payment fraud trends in our Q1 Index report: https://buff.ly/3PFn7iU #AIPowered #GrowFearlessly #FraudPrevention #FraudTrends #Fraud #Benchmarking #Data #SiftFIBR #FIBR #PaymentFraud

It is FIBRFriday at Sift. Read below for some of the new results from the Sift data.

We're back with another #FIBRFriday, where we share insights from our Fraud Industry Benchmarking Resource, FIBR. This week, we're taking a close look at accounts with loyalty points, which have a high rate of account takeover attacks (ATO), reaching as high as 11% in Q1 of this year, well above other industry averages which hover around 2-3%. Online accounts holding loyalty points are prime targets for account takeover attacks because these points have monetary value and can be redeemed for goods, services, or discounts. Attackers can easily exploit these accounts for financial gain, often with less scrutiny compared to direct financial transactions. And many consumers may not monitor their loyalty points as closely as their bank accounts, making it easier for fraudsters to go undetected. 🔗 FIBR is interactive, explore the tool yourself to compare your business's fraud metrics across industries or geographies: https://buff.ly/3K7l9ES #FraudPrevention #FraudTrends #Fraud #FraudRates #SiftFIBR #FIBRInsights #ATO #AccountTakeovers

Congratulations to AuthenticID - a #Luminary on the #IDV Beam in The #Biometric #Digital #Identity Financial Services Prism #Report!  From the report .... "When one of the 10 largest #banks and credit card issuers in North America was experiencing a high rate of app-based #fraud and account takeover losses, it turned to AuthenticID. Implementing AuthenticID’s #biometric #authentication and #liveness detection allowed the #bank to achieve an incredible reduction in fraud. It has recorded zero successful fraud attempts since June 2023." For the full profile, download the report - https://lnkd.in/g_KMhqB8 #biometrics #digitalidentity #financialservices #fintech #marketanalysis #marketforcast #accounttakeover #identityverification #banks #creditcards #liveness

Strengthen your agent banking security Agent banking commission fraud occurs when agents collude to loop transactions for illicit gains – round tripping. Using graph algorithms, CEP rules and / or queries our graph intelligence platform detects the cyclical patterns of these fraudulent activities. Once flagged, you can investigate and mitigate against fraud loss. Make it easier to detect and prevent round tripping fraud, contact freddie@locstat.co.za today. Locstat: Solve so much more #AgentBankingFraud #FraudPrevention #GraphIntelligence #Innovation

Digital fraudsters are becoming increasingly savvy, resulting in $10B in total fraud losses in 2023, according to the Federal Trade Commission. A major factor being the increased use of Bluetooth connections. While convenient, they can also be incredibly risky and have spurred a massive increase in fraud. We look at this type of #fraud and offer strategies to help keep your #communityfinancialinstitution and your customers safe in today's #PCBBBID: https://lnkd.in/eYN5iMuW

📣 Attention Fraud Fighters: two new metrics are now available on FIBR -- the Fraud Industry Benchmarking Resource, powered by Sift 📣 New Account Takeover metrics: 1. ATO Attack Rate 2. 2FA Rate Three existing Payment Fraud metrics: 1. Payment Fraud Attack Rate 2. Fraudulent Chargeback Rate 3. Manual Review Rate Fun fact: In Q1, the ATO attack rate for the Crypto customers we serve was 0.61% vs. a 2.5% attack rate across all industry sectors we serve. All FIBR metrics are driven by the 1T+ annual transactions we score on the Sift Global Data Network. Access to FIBR is always on, and access is free to all. Check it out at sift.com/FIBR #FraudPrevention #AIPowered #GrowFearlessly

[#Keynote 🔍 : « Payment fraud: a threat in motion » ] 🔗 https://lnkd.in/eG84-H3f In an era where payment fraud is becoming increasingly creative and sophisticated, Brice Perdrix, CEO of AdvanThink (ISoft), shares his exclusive analysis in Club Patrimoine ▲, a leading platform for banking and wealth management professionals. 📊 The 2023 #OSMP (by Banque de France) report highlights the apparent stability of fraud cases, but beneath this surface, the threat is constantly evolving, becoming more insidious through the use of technologies like #AI and #deepfakes. Our teams explore how banks and financial institutions can anticipate these emerging risks by securing every step of the customer journey – from onboarding to payment execution. 🌐 Club Patrimoine ▲ is a trusted media source for banking and wealth management experts, known for its in-depth analysis of economic, financial, and regulatory trends. This editorial is aimed at professionals seeking to understand the current and future challenges of #payment #security in a world where #cybercriminals are becoming more inventive by the day. 📅 Published on October 17, 2024 | ⏳ Reading time: 2 minutes #Fraud #Payments #AI #Banking #Security #AdvanThink #Innovation #WealthManagement Thanks to : Guillaume Bernier-Turpin, Emmanuelle PIONNIER, OXYGEN.