The landscape of online fraud has undergone a profound transformation since the early days of the internet. Initially, simple rule-based systems were sufficient to thwart most fraud attempts. However, as fraudsters evolved their tactics, relying solely on rule-based systems became inadequate. Techniques such as card testing, fraudulent gift card purchases, and sophisticated attack vectors like account takeovers and user-generated content scams emerged, challenging the security of consumers and businesses alike, casting a shadow of distrust over the internet.

In 2011, Sift embarked on a mission to combat innovative and ever-evolving fraud patterns by harnessing the power of machine learning. What began as a focus on payment fraud has evolved into a comprehensive approach covering the entire consumer journey. Our commitment to constant innovation stems from the evolving nature of fraud, driving us to protect our customers’ revenue streams and empower them to seize growth opportunities.

Long before machine learning became a buzzword, Sift embraced the technology’s potential. Beyond the hype, the authenticity of a company’s machine learning claims lies in its intellectual property and patent portfolio, which serves as the backbone of its product offerings.

As we step into 2024, I am thrilled to announce a significant milestone in our innovation journey. Sift has been granted or allowed an impressive 40 patents by the United States Patent and Trademark Office (USPTO), with several more patents currently under evaluation.

In 2023, Sift directed key investments towards our core machine learning and AI innovations, notably enhancing our powerful Workflows capabilities. Sift Workflows, a no-code engine, empowers fraud teams to automate business processes and make real-time risk decisions. This critical component of our offering allows teams of all sizes to manage digital risk with transparency, control, and unparalleled efficiency.

Building on the success of Workflows, we introduced Workflow Simulation. This feature provides risk teams with on-demand, drill-down insights to guide automation improvements based on historical traffic and fraud patterns.

Our most recent patents are centered around revolutionary AI, machine learning, and automation technologies, including:

• Connected Components for Botnet Detection: Identifying coordinated bot attacks by analyzing connections between fraudulent accounts and activities.
• Anomaly Detection in Risk Models: Explaining shifts and drifts in customer risk models to identify issues and take corrective actions.
• Real-time Bot Detection and Intelligence: Generating unique signatures for detecting and mitigating bot threats in real-time.

Sift remains committed to a customer-focused approach to innovation. Our vision is to provide the most accurate fraud prevention platform in the industry, and the 40 patents granted or allowed by the USPTO underscore our dedication to achieving this goal. As the online landscape continues to evolve, Sift stands at the forefront, empowering businesses to navigate the complex terrain of digital fraud with confidence.

Explore the full list of Sift’s patents at https://sift.com/intellectual-property.

The post Sift’s innovative journey: 40 patents and counting in the fight against evolving online fraud through AI, machine learning, and Workflows appeared first on Sift Blog.

*** This is a Security Bloggers Network syndicated blog from Sift Blog authored by Neeraj Gupta. Read the original post at: https://blog.sift.com/sifts-innovative-journey-40-patents-and-counting/?utm_source=rss&utm_medium=rss&utm_campaign=sifts-innovative-journey-40-patents-and-counting