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Sift Launches New API and Connectors to Create Single Source of Truth for Fintech Fraud FightersSAN FRANCISCO, Oct. 20, 2021 (GLOBE NEWSWIRE) -- Sift, the leader in Digital Trust & Safety, today announced the launch of several new capabilities for fintech companies to capitalize on their growth opportunities while mitigating fraud. The launch of these new features comes as the fintech market is experiencing meteoric growth, with investment in the sector reaching $98 billion in the first half of 2021 alone. Yet, as fintech companies continue to scale, attract, and retain users, fraudsters have firmly set their sights on the industry. In fact, according to Sift’s Q3 Digital Trust & Safety Index, fintech companies saw an 850% increase in account takeover (ATO) attacks between Q2 2020 and Q2 2021. In order to ensure these rapidly expanding companies can grow while mitigating risk and protecting their users, Sift is introducing the following fintech-specific updates:
“Fintech businesses like neobanks, PSPs, and cryptocurrency exchanges are racing to acquire customers at a torrid pace in order to capitalize on their market opportunities,” said Geoff Huang, VP of Product at Sift. “In the midst of this sustained growth, however, fraudsters have clearly set their sights on these digital financial services companies in order to drain accounts and make purchases using stolen payment information. With our new capabilities, fintech companies can onboard with Sift quickly and ensure they have a ‘single pane of glass’ to deploy their Digital Trust & Safety strategies—protecting against fraud while reducing friction for customers.” “Deterring increasingly sophisticated bad actors has become exceptionally difficult for fintech businesses,” said Ed Ackerman, Direct of Alliances and Partnerships at Onfido, a global identity verification and authentication company, and new Sift partner. “Through our partnership with Sift, businesses can fight back against fraud without compromising on user experience, fraud protection, or compliance.” For more information about Sift’s newest capabilities for fintech businesses, go to http://sift.com/how-fintech-fights-fraud. About Sift Sift is the leader in Digital Trust & Safety, empowering digital disruptors to Fortune 500 companies to unlock new revenue without risk. Sift dynamically prevents fraud and abuse through industry-leading technology and expertise, an unrivaled global data network of 70 billion events per month, and a commitment to long-term customer partnerships. Global brands such as Doordash, Uphold, and Remitly rely on Sift to gain a competitive advantage in their markets. Visit us at sift.com and follow us on Twitter @GetSift. Media Contact:
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