Sift, a leading AI-powered fraud prevention platform, has introduced significant updates to its Fraud Industry Benchmarking Resource (FIBR), a free online tool designed to provide key fraud metrics across various industries, geographies, and timeframes.
The new insights shed light on the frequency of fraudulent payment methods and fraud rates within the Sift Global Data Network, offering businesses critical data to benchmark performance and enhance risk management strategies.
According to Sift’s findings, credit and debit cards remain the dominant methods for fraudulent transactions, accounting for 85% of fraud across all industries. However, this pattern shifts in sectors like iGaming and online gambling, where credit and debit cards drop to 64%, with electronic fund transfers (20.5%) and digital wallet payments (15.5%) making up the remainder. This divergence underscores how fraudsters adapt their tactics based on industry-specific dynamics, with electronic fund transfers emerging as a significant channel for money laundering in high-velocity transaction environments.
Armen Najarian, Sift’s chief marketing officer, emphasised the importance of these advancements, stating: “Sift launched FIBR nearly one year ago, and it has become the gold standard for fraud insights and metrics for risk professionals around the world.
“With our newly released upgrade, anyone—whether they’re Sift customers or not—can leverage FIBR to fine-tune their fraud prevention strategies and align with peers in their industry.”
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