In this edition of Sift’s Digital Trust & Safety Roundup, we share our experience at Money20/20 USA, explore whether fraudsters are really using AI, and share our latest award and product updates and enhancements. Read on for the latest news and fraud findings from Sift.

Focusing on fintech at Money20/20

The Sift team rounded out a busy October by attending Money20/20 USA in Las Vegas, the world’s leading insights and networking event for the global money ecosystem. In addition to hosting several networking events and offering interactive demos of the Sift platform, Sift’s Trust and Safety Architect Brittany Allen also presented on how fraudsters exploit companies that poorly implement Know Your Customer (KYC) protocols, and the importance of compliance when it comes to security for fintechs. 

Following Sift’s latest partnership news with new reseller and technology integration partners, Sift announced its newest product enhancements and capabilities at Money20/20. The enhancements include expanded coverage for a variety of payment types, updated machine learning models, and UX improvements to empower fintechs in their fight against fraud. 

Find out more about these developments and read our key takeaways from the conference.

Sift’s Trust and Safety Architect shares insights on AI and fraud

Brittany Allen, Sift Trust and Safety Architect, was recently a guest on the Marketplace podcast, where she spoke about the rising rates of account takeover (ATO) attacks threatening businesses and consumers. She also shared her expertise in BuiltIn, where she offered some surprising insights about the role of AI in fraud:  

“What I’m noticing is not only a notable lack of conversation around using advanced AI technology to execute scams,” wrote Allen, “but also active discussion of how many feel their current methods are successful enough that there’s no pressing reason to adopt advanced AI like personalized deepfakes in order to be successful.”

You can read Brittany’s full article in BuiltIn and listen to the Marketplace episode. 

More industry recognition for Sift

In addition to recent recognition by Forrester Research, G2, and the Marketplace Risk Solution Provider Excellence Program, the PayTech Awards USA has also recognized Sift as the winner of the Tech of the Future award in the Fighting Fraud & Financial Crime category.

Now in its seventh year, the annual PayTech Awards celebrate companies and solutions that demonstrate exceptional innovation, leadership, and contributions to the payment technology sector. Led by FinTech Futures’ Editor in Chief, Tanya Andreasyan, dozens of judges from the financial services industry selected this year’s winners.

“Sift stood out to the judges for its innovative approach to fighting fraud and the scale the company has achieved,” said Tanya Andreasyan, Editor-in-Chief, FinTech Futures, and a PayTech Awards USA judge. “Sift is leveraging technologies like machine learning to stay ahead of constantly evolving threats, and its data consortium model allows all of its customers to benefit from shared fraud insights.”

Read our press release announcing the award for more. 

Emerging tech and easy access to fraud knowledge

Sift’s CEO Kris Nagel also spoke of the potential AI has to transform fraud in his recent interview with Forbes, but noted that fraudsters are still relying on more basic tools and methods, like bots and automation, to commit some of the most common attacks. Of the most common types of attacks, he called out ATO, which has “remained one of the fastest growing and most insidious types of threats affecting both businesses and consumers.” 

The ‘democratization of fraud’ is ultimately the most concerning trend businesses should be aware of, he underscored, where now anyone with internet access can find the tools and information to commit fraud, even if they lack the technical savvy of more sophisticated cybercriminals and hackers. 

“Open forums like Telegram are lowering the barrier to entry to committing fraud,” said Nagel, “and our team has seen a proliferation of fraud groups that now offer bot attacks as a service, including one that tricks consumers into providing one-time passcodes for their online accounts.

Read Kris’s full interview in Forbes. 

The post Digital Trust & Safety Roundup: Protecting fintech at Money20/20, the truth about AI and fraud, industry awards, and the latest product news appeared first on Sift Blog.

*** This is a Security Bloggers Network syndicated blog from Sift Blog authored by Sift Trust and Safety Team. Read the original post at: https://blog.sift.com/digital-trust-safety-roundup-protecting-fintech-at-money20-20-the-truth-about-ai-and-fraud-industry-awards-and-the-latest-product-news/?utm_source=rss&utm_medium=rss&utm_campaign=digital-trust-safety-roundup-protecting-fintech-at-money20-20-the-truth-about-ai-and-fraud-industry-awards-and-the-latest-product-news