Sift ,  an AI-powered fraud detection platform has unveiled updated insights for the Fraud Industry Benchmarking Resource (FIBR). The latest metrics showcase the prevalence of fraudulent payment methods across various industries, along with the fraud rates, which are transactions blocked by Sift due to fraud, for popular payment options within the Sift Global Data Network.

These insights are important for companies as they benchmark their performance against industry competitors, establish order acceptance thresholds, and guide risk teams in managing manual reviews. Debit cards are 85% of fraudulent transactions Within the Sift Global Data Network, credit and debit cards represent 85% of all fraudulent transactions. However, the data reveals a different scenario for specific industries, particularly those with high transaction volumes.

For instance, in the iGaming and online gambling sector, the percentage of credit and debit card fraud decreases to 64%. In contrast, electronic fund transfers account for 20.5%, while digital wallet payments make up 15.5% of the remaining fraudulent transactions. Notably, electronic fund transfers have the highest fraud rate among payment methods in iGaming and online gambling, rising from the third position across the Sift Global Data Network.

This contrast between iGaming and online gambling and all other network transactions suggests that fraudsters may be exploiting electronic fund transfers to launder money and gain access to instant cash. Officials from Sift stated that their company introduced FIBR almost a year ago, and since then, it has established itself as the benchmark for fraud insights and metrics among risk professionals globally. With the latest upgrade, anyone—regardless of whether they are Sift customers—can use FIBR to increase their fraud prevention strategies and connect with others in their industry.

Sift’s updates ATO In October 2024, Sift has upgraded its account takeover (ATO) solution to improve fraud protection throughout the consumer journey. The company’s analysis indicates that this solution prevents up to USD 4.2 million in annual fraud losses per customer. With ATO attacks rising by 24% in Q2 2024, traditional login-focused defences are inadequate.

Sift's solution addresses vulnerabilities at all user engagement stages and promotes collaboration between fraud and security teams by integrating data and processes. Source: Link .