SAN FRANCISCO, Nov. 28, 2023 (GLOBE NEWSWIRE) -- Sift, the leader in Digital Trust & Safety, today launched the Fraud Industry Benchmarking Resource (FIBR), a free online tool powered by Sift that allows anyone to access key fraud metrics across industries, geographies, and time. With FIBR, fraud and risk professionals can benchmark their business's payment fraud attack rates, fraudulent chargeback rates, and manual review rates against aggregated industry averages over time. These insights can be used to inform risk decisioning goals and analyze how various fraud trends impact different industries.
Some industries face higher payment fraud attack rates than others. For example, digital goods & services consistently experience payment fraud attack rates above the overall Sift average.
| Benchmark KPI | FIBR values: All Industries | FIBR values: Digital Goods & Services Industry | ||
| Payment Fraud Attack Rate | 2.5% | 3.2% | ||
| Fraudulent Chargeback Rate | .078% | .082% | ||
| Manual Review Rate | 2.1% | .87% | ||
Digital Goods & Services is especially susceptible to fraud because it involves instant purchases of intangible items, like streaming services or virtual gift cards, which don’t require a shipping address — and often happen too quickly to undergo manual review.
“Fraud is an interconnected challenge across all industries. With FIBR, Sift is providing a first in the world of digital risk: always-on, free access to the insights from our massive global data network, so risk teams can compare their own performance against industry benchmarks,” said Armen Najarian, Chief Marketing Officer at Sift. “These insights will help teams across markets set more informed goals, stop more fraud, and enhance experiences for their users.”
“As the holiday shopping season kicks into full gear, having the right benchmarking data in place can be enormously helpful for our team,” said TJ Stein, Head of Customer Experience at online clothing retailer Everlane. “By accessing FIBR, we can gain insights for our industry and across the whole Sift network, maintain best practices for fraud prevention, and ensure we reduce friction for our customers.”
“While merchants continue to battle fraud on a daily basis, they often do so without knowing how their performance compares to their peers,” said Julie Fergerson, CEO at the Merchant Risk Council. “It is exciting to see Sift make FIBR available for the industry to help unlock these insights and allow merchants to make even better fraud and risk decisions.”
FIBR is available on Sift’s Fraud Intelligence Center at www.sift.com/FIBR
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 one trillion (1T) events per year, and a commitment to long-term customer partnerships. Global brands such as DoorDash, Yelp, and Poshmark rely on Sift to gain a competitive advantage in their markets. Visit us at sift.com, and follow us on LinkedIn.
Contact:
Victor White
Senior Director, Corporate Communications
press@siftscience.com
