Ken Palla’s Post

📊 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

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

💡 We have some exciting news this #FIBRFriday, where we share weekly insights from our Fraud Industry Benchmarking Resource, #FIBR ⬇️ We've just expanded FIBR with trend data for account takeover (ATO) attack rates and two-factor authentication (2FA) rates! This is in addition to the existing data related to payment fraud attack, fraudulent chargeback, and manual review rates. What does the new data reveal? 🔹 ATO attacks surged by a staggering 354% in Q2 2023 alone. 🔹 Loyalty Programs face an 11% ATO rate, while Food Ordering & Delivery services see a high 20%. 🔹 While 2FA step-up challenges occur in about 10% of transactions overall, food delivery services see a 2FA rate of 3.5%, emphasizing the need for swift transactions with minimal friction. FIBR is interactive, explore the tool yourself to compare your business's fraud metrics across industries or geographies: https://buff.ly/49fMYFo #FraudPrevention #FraudTrends #Fraud #FraudRates #SiftFIBR #FIBRInsights #PaymentFraud #ATO #AccountTakeovers #2FA #AIPowered #GrowFearlessly

It is #FIBRFriday at Sift today. And they are adding some new stats around trend data for account takeover (ATO) attack rates and two-factor authentication (2FA) rates! Take a look. eCommerce and FIs, this is all interesting as it is the same bad guys attacking both sectors.

📈 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 back with another #FIBRFriday, where we share insights from our Fraud Industry Benchmarking Resource, FIBR. Today, we're looking at how payment fraud affects the digital goods and services industry. FIBR shows us that this sector sees a payment fraud attack rate above 3% throughout last year, reaching a peak of 4.3% in Q2 of this year, consistently above other industry averages. One of the reasons this space faces a high payment fraud attack rate is the instant delivery of products, which allows fraudsters to quickly exploit stolen payment information. Additionally, the high resale value of digital items, the ease of perpetrating online fraud, and the anonymity and global reach of digital transactions also make digital goods and services a prime target for fraudsters. 🔗 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 #PaymentFraud #DigitalGoods

💡 We're here for another #FIBRFriday, where we share insights from FIBR, Sift's Fraud Industry Benchmarking Resource tool. Today, we looked at online travel and lodging, where the payment fraud attack rate spiked to 6.4% in Q1 of last year, most likely due to an increase in holiday travel and vacation bookings. We see the attack rate tapering down for the remainder of the year, and spiking again in the summer. FIBR is interactive, so explore the tool yourself to see how your own industry’s fraud rates compare: https://buff.ly/47t8Gp8 #AIPowered #GrowFearlessly #fraudprevention #fraudtrends #fraud #benchmarking #data

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

📈 It's finally Friday, which means another #FIBRFriday, where we share insights from our Fraud Industry Benchmarking Resource, FIBR. Today we're looking at the digital goods & services industry, which not only sees a higher overall payment fraud rate compared to other industries, but also a 13% increase in payment fraud in Q2 of 2024 compared to the same time last year. This particular industry is highly vulnerable to fraud due to its rapid growth, instant transactions, and absence of physical shipping for verification. Fraudsters exploit these factors, targeting stored financial data and personal information in customer accounts, leading to increased payment fraud and account takeovers. 🔎 What other factors could contribute to this high fraud rate? Let us know in the comments. 🔗 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 #PaymentFraud #AccountTakeovers #digitalgoods

💡 Welcome to this week's edition of #FIBRFriday, where we share insights from our Fraud Industry Benchmarking Resource, FIBR. Recently we looked at payment fraud in the ticketing industry (companies that engage in the sale or distribution of tickets for events, services, or transportation), which saw some of the highest payment fraud increases over the course of last year, spiking by 63% in 2023 compared to 2022. Today, we're examining account takeover (ATO) trends in ticketing, where the ATO attack rate reached a staggering 13% last year, well above other industry averages. 🔗 Explore the FIBR tool yourself and let us know what you think is causing the rise in ATO for this industry in the comments below 👇 https://buff.ly/3K7l9ES #FraudPrevention #FraudTrends #Fraud #FraudRates #SiftFIBR #FIBRInsights #PaymentFraud #ATO #AccountTakeovers #AIPowered #GrowFearlessly #TicketingIndustry