Sift, an AI-powered fraud platform, this week released trend data for two new fraud metrics in the Fraud Industry Benchmarking Resource. The Fraud Industry Benchmarking Resource is powered by Sift’s Global Data Network, which analyzes more than one trillion events and identity signals per year.
With this latest update, the Fraud Industry Benchmarking Resource now includes account takeover attack rate and two-factor authentication rate trend data, in addition to the existing data related to payment fraud attacks, fraudulent chargebacks, and manual review rates. Fraud Industry Benchmarking Resource users can now easily compare account takeover attack rates and two-factor authentication rates across different industries or geographies—providing unique visibility into the most critical KPIs that influence fraud prevention strategies and operations.
Account takeovers, where fraudsters gain unauthorized access to user accounts, have become one of the most popular attack methods among cybercriminals in recent years. As reported in the Sift Q3 Digital Trust & Safety Index, account takeover attacks increased 354% year-over-year in Q2 2023 alone.
Yet not all industries are targeted equally. For example, online loyalty programs are often squarely in the crosshairs of fraud actors seeking to hijack the hard-earned accrued rewards of legitimate customers. Similarly, food and delivery services face soaring account takeover attack rates and below-average two-factor authentication rates, as fraudsters know that these services prioritize frictionless experiences for customers on their online and mobile ordering platforms.
“AI-powered fraud attacks continue to scale with greater volume, velocity, and sophistication. In order to fight back effectively and know what “good” looks like, fraud fighters need access to the most up-to-date operational trends for their respective industries,” said Armen Najarian, chief marketing officer at Sift. “By expanding Fraud Industry Benchmarking Resource with new account takeover and 2FA metrics, we’re equipping the fraud-fighting community with the insights they need to grow fearlessly.”
All Fraud Industry Benchmarking Resource insights are available here.
