SAN FRANCISCO, Feb. 20, 2024 (GLOBE NEWSWIRE) -- Sift, the AI-powered fraud platform securing digital trust for leading global businesses, today introduced the era of AI-powered fraud decisioning, marking a significant industry and company inflection point. Today’s announcement follows a year of remarkable growth, innovation, and industry recognition, and reinforces Sift’s differentiated position in an evolving market.
“2023 was a year of rapid and significant transformation—both for the digital fraud and identity industry, and also for Sift,” said Kris Nagel, Chief Executive Officer at Sift. “Our strategic investments have delivered Sift customer growth and global data network expansion, continued product and data science innovation, and even stronger eminence in the markets we serve. We are truly energized about the year ahead.”
According to a September 2023 study conducted by Liminal of 88 leading merchants across all geographies, 98% of respondents identified AI-enabled fraud attacks as significantly impacting the level of fraud their businesses have encountered in the prior two years.
“As fraud actors embrace AI to inflict harm at unprecedented scale, digital businesses must respond with equal force,” said Armen Najarian, Chief Marketing Officer at Sift. “Sift is proud to lead the era of AI-powered fraud decisioning, empowering the global digital business community to fight fire with fire and grow fearlessly.”
For more information on the era of AI-Powered Fraud Decisioning, visit the all-new Sift.com and read today’s blog post.
Fortifying a Powerhouse Executive Team
Throughout 2023 and early 2024, Sift achieved major milestones, including adding several industry veterans to its executive team including:
- Armen Najarian as Chief Marketing Officer
- Chris “CJ” Jones as Chief Revenue Officer
- Raj Motwane as Senior Vice President, Customer Experience & Success
- Raviv Levi as Chief Product Officer
Driving Customer-focused Innovation
Sift recently announced a milestone of 40 patents granted or allowed by the United States Patent and Trademark Office (USPTO), showcasing continuous innovation, differentiation, and dedication to developing the innovative technologies that prevent fraud and unlock customer growth.
In 2023, the company made substantial investments in its core machine learning and AI technology to detect fraudulent behaviors and patterns; its popular Workflows capability, which allows fraud and risk teams to automate and manage their business fraud logic within the Sift console, and stream-line review; and WatchTower, an internal capability which detects anomalies in customer traffic and fraud decision patterns.
Unlocking Fraud Industry Benchmarks
In late 2023, the company launched the Fraud Industry Benchmarking Resource (FIBR), a first of its kind online tool that allows anyone to access key fraud metrics across industries, geographies, and time. With FIBR, fraud and risk professionals can benchmark their business's payment fraud attack rates, fraudulent chargeback rates, and manual review rates against aggregated industry averages over time. These insights can be used to inform risk decisioning goals and analyze how various fraud trends impact different industries.
Brandishing Industry Recognition
Sift earned several industry accolades in 2023 and early 2024, including:
- Recognition as a Leader in The Forrester Wave™: Digital Fraud Management, Q3 2023 by Forrester Research. The company was the only privately held Leader named in the report.
- Being named a Leader by G2 in Fraud Detection, E-commerce Fraud Detection, and Risk-Based Authentication for 11 Consecutive Quarters.
- Winning Top Fraud and Financial Crimes Solution by PayTech Awards USA.
- Gaining multiple placements in Built In’s Best Places to Work lists.
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, Corporate Communications
press@sift.com
