Fraudsters are Diversifying! Mitigate Threats Beyond Payment Fraud

News

May 17, 2017

Forrester and Sift Science Report

We're all competing in the new digital economy. Customers' expectations are higher than ever. Businesses are under more pressure to deliver a fast, simple, and safe experience. And fraudsters are diversifying their tactics, looking for inventive new ways to cash out. How can businesses be prepared?

Sift Science commissioned Forrester Consulting to find out more about how organizations are addressing online fraud beyond the realm of simple payments and credit card use cases. Here are some of the key findings:

  • Fraud management doesn't just prevent loss -- it also helps companies create excellent customer experiences. 70% of organizations reported that customer privacy/safety/satisfaction is affected by fraud and abuse.
  • Firms are underprepared for the mounting nonpayment fraud threat. Although fraudulent registrations, fake accounts, promo abuse, and account takeover were all highly cited threats, only 62% of businesses prioritize preventing these types of abuse.
  • Businesses believe their current fraud and abuse tools fall short. 68% said their tools cannot recognize new fraud patterns as they emerge, while 61% said they cannot adjust in real time.
Want to find out more about how to address the full ecosystem of potential fraud and abuse? Get your copy of the Forrester and Sift Science Report: Mitigating Threats Beyond Payment Fraud.