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.

The rapid growth of cashless transactions demands a balance between security and user experience. PSD3 and PSR aim to enhance security in payments, focusing on verifying payee identities. Businesses must adopt data-driven solutions to combat fraud. Passive and continuous authentication are key strategies. LexisNexis® Risk Solutions offers Bankers Almanac® Validate™ for safe payment verification. Beyond fraud prevention, these solutions streamline processes, reduce costs, and improve liquidity management. Looking ahead, global payment schemes like PIX and UPI inspire innovation in the EU. LexisNexis® Risk Solutions provides international solutions for secure and seamless transactions. #SecureTransactions #EnhancedUserExperience #FraudPrevention #GlobalPaymentSolutions #FutureofPayments

Lots of great insights on stopping fraud by partnering with the payment service providers and using biometrics but keep consumer experience in mind. Discussed leveraging issuer relationships by partnering with your PSPs. Explore sharing additional data and using the fraud data to tag your own data appropriately. Thanks Laura Carruthers, Andy (Nguyen) T. , and Jaycie Zhang! Your insights were terrific!! #MRCSouthEastAsia24

It's #FIBRFriday again, our weekly series where we share insights from our Fraud Industry Benchmarking Resource, FIBR. Today, we're looking at account takeover (ATO) attacks and where they're most prevalent. Our latest Digital Trust Index, powered by FIBR data, revealed that the average ATO attack rate increased by 24% in Q2 2024 compared to the same time last year. This spike follows an alarming 354% year-over-year increase in Q2 2023. When asked, consumers identified social media platforms, streaming services, bank accounts, and online shopping as the top sites or apps where they experienced 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 fraud benchmarks: https://buff.ly/3K7l9ES #FraudPrevention #FraudTrends #Fraud #FraudRates #AccountTakeovers #AccountHacking #DigitalTrust

The Fintech Times Edition 57 - AI-Fuelled Fraud Defence Will Larcombe, co-founder and director of Stellarmann explores how artificial intelligence and biometrics are helping to turn the tide on banking scams. 🤖 "It's now mandatory for big banks to provide 'confirmation of payee' before a payment is made. These alert the payer to the true name of the bank account they are paying into - so they can check." Read more: https://hubs.li/Q02QXRMD0

The Financial Conduct Authority wants financial institutions to stay one step ahead of criminal gangs who are getting ever more sophisticated with their scams, especially around APLs (Authorised Push Payments.) In this article for The Fintech Times, our founder Will Larcombe considers how AI, biometrics and real time analytics can all help in the battle. If your organisation is in the process of delivering new cybersecurity solutions, let us know if you want to talk to the experts at the cutting edge of this topic. #cybercrime #cybersecurity #corebanking #managementconsulting #digitaltransformation #changemanagement

📈 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

The Financial Conduct Authority is pushing banks to stay ahead of criminal gangs who are getting way more advanced with their scams. In this piece for The Fintech Times, our founder Will Larcombe talks about how AI, biometrics, and real-time analytics could be game changers in this fight. Reach out to the Stellarmann team if you want to chat with experts who are leading the charge in delivering new cybersecurity solutions. #cybercrime #cybersecurity #corebanking #managementconsulting #digitaltransformation #changemanagement #banking #financialservices

📊 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.