New solution helps prevent account takeovers
Account takeover attacks have increased 24 percent in the second quarter of 2024 compared to the same period last year, according to AI-powered anti-fraud platform Sift.
Account takeovers accounted for losses of almost $13 billion in 2023. To combat the problem Sift’s latest quarterly product update feature an enhanced solution to protect businesses from ATO fraud throughout the entire consumer journey.
Traditional solutions that seek to stop account theft only at the point of login often fall short, leaving businesses vulnerable to attacks. Sift's solution allows fraud and security departments to collaborate and take ownership of ATO by uniting data and workflows that are accessible to both.
It offers AI-powered insights, real-time behavioral analysis, and expanded device fingerprinting to provide richer context around risk and user intent throughout the consumer journey. It also includes integrations to unify and extend existing Customer Identity Access Management (CIAM) workflows through low-code integrations, including Ping Identity PingOne DaVinci and Okta Auth0, strengthening identity management investments across the security tech stack.
There are also robust MFA capabilities and continuous monitoring after login ans pre-built, industry-specific automations to generate immediate impact out of the box.
"Account takeover is a deeply connected problem that impacts multiple facets of a business, from cybersecurity to finance," says Raviv Levi, chief product and technology officer at Sift. "Traditional approaches often result in fragmented data and incomplete insights, making it difficult to fully understand and mitigate the impact of ATO. Sift's unique approach unites departments and data, providing a single source of truth for ATO prevention and removing barriers to revenue."
You can find out more on the Sift blog.
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