New Digital Trust & Safety Index shows fraudsters are now mostly using mobile devices to commit payment fraud
SAN FRANCISCO, March 03, 2020 (GLOBE NEWSWIRE) -- Online payment fraud attempts increased by 73 percent in 2019, according to a new report from Sift. The research, the Digital Trust & Safety Index, details the different ways fraudsters target online businesses, the platforms and payment types they use, the times of year they most frequently strike, and many other patterns discovered through Sift’s global data network of more than 400 billion events per year.
Additional findings in the report reveal that cybercriminals are using mobile devices more than desktops or laptops to commit payment fraud. In fact, though Windows is the top single operating system for fraudsters, iOS and Android combine to make up more than half of attempted fraudulent transactions. And while, unsurprisingly, the number one most targeted industry vertical in 2019 was physical e-commerce, business services, digital e-commerce, education, and on-demand services all fell within the top ten “fraudiest” verticals.
Other findings of note in the Digital Trust & Safety Index include:
“The past few years have, unfortunately, ushered in an era of massive-scale and frequent data breaches that have led to fraud all over the web,” said Jason Tan, CEO of Sift. “Though our report shows that bad actors are finding new ways to defraud businesses, merchants who adopt a Digital Trust & Safety strategy can both fight fraud and reduce friction for legitimate purchases.”
The Digital Trust & Safety Index delves into many additional trends seen across Sift’s platform and highlights the ways in which fraudsters are evolving their methods – so that businesses can stay one step ahead of these bad actors.
To read the Digital Trust & Safety Index, click here.
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 35 billion events per month, and a commitment to long-term customer partnerships. Global brands such as Twitter, Airbnb, and Twilio rely on Sift to gain competitive advantage in their markets. Visit us at sift.com and follow us on Twitter @GetSift.
Media Contact
Kristina Lazarakis
PAN Communications for Sift
sift@pancomm.com