Sift Charges into Summer Riding Wave of Industry Recognition, Community Expansion, Product Innovation, and Fortified Executive Team

Amid Recognition by Forrester Research and G2, AI-powered fraud platform stands out in a crowded market

SAN FRANCISCO, July 24, 2024 (GLOBE NEWSWIRE) -- Sift, the AI-powered fraud platform securing digital trust for leading global businesses continues to be at the forefront of the fight against digital fraud by earning significant industry recognition by Forrester Research and G2, releasing a new patent-pending innovation, enhancing its industry benchmarking resource FIBR, and expanding its vast online community of fraud and risk professionals.

Industry Recognition

This summer, Sift once again achieved top rankings in the G2 Summer 2024 Reports, thanks to over 100 verified Sift users who submitted reviews, securing the #1 position in Fraud Detection, Risk-Based Authentication (RBA), and Web Security (a new category). Additionally, Sift ranked #2 in E-commerce Fraud Detection. This marks the 13th and 7th consecutive quarters as Leaders in Fraud Detection and Risk-Based Authentication (RBA), respectively, and the 18th quarter as a Leader in E-commerce Fraud Detection.

Sift was also recognized as a Strong Performer in “The Forrester Wave™: Enterprise Fraud Management, Q2 2024” report by Forrester Research, Inc. The report highlighted Sift’s versatility in managing customer segmentation and behavior profiles, and stated that Sift “showed a convincing EFM vision, support for partner onboarding and management, and a strong ecosystem of supporting services and products.” With Sift’s position as a leader in “The Forrester Wave™: Digital Fraud Management, Q3 2023,” the company is the only privately held vendor to be named a Leader or a Strong Performer in both analyst reports.

Community Growth & Expanding Executive Team

As the company continues earning third-party recognition, its own customer community has rapidly expanded. The Sifters customer community, a global network of fraud fighters representing various industries, has grown to over 1,500 members since its inception in the spring of 2023, with fraud and risk professionals participating in over 500 articles and discussions. This unique customer platform was created to foster collaboration and knowledge sharing, empowering members to stay ahead of emerging fraud trends and challenges. In order to help customers hone their digital risk strategies, Sift recently introduced exclusive access to expanded data in Sifters from its Fraud Industry Benchmarking Resource (FIBR).

In 2024, Sift also made key additions to its executive leadership team by hiring Chief Financial Officer Steve Love and Chief Product Officer Raviv Levi. Love was most recently CFO at digital insights platform Heap, where he drove the company through its acquisition by ContentSquare. Levi was previously Vice President of Security Strategy and Innovation for Cisco’s multi-billion dollar Security Business Group, where he led innovation for the breadth of the company’s Security portfolio.

Innovation in AI-powered Fraud Prevention

In May 2024, Sift introduced a patent-pending innovation that acts as an intelligent “cruise control” for fraud and risk teams. Leveraging AI, RiskWatch automatically maintains block, friction, and manual review rates to a target percentage of the riskiest users while dynamically adjusting to changes in fraud activity, seasonality, and market expansion. One Sift customer, a global crypto exchange, successfully deployed RiskWatch as they were launching into new markets, with the goal of maintaining stable block and acceptance rates for transactions. With RiskWatch, the company was able to increase and stabilize their acceptance rates, unlocking $19M in new revenue during a single quarter.

"So far in 2024, we’ve seen first-hand how digital businesses are being targeted by fraud actors who are weaponizing AI to overwhelm their defenses. Fortunately, our customers are fighting back to mitigate fraud and deliver a better experience for their consumers,” said Kris Nagel, CEO of Sift. “Our industry recognition, exceptional leadership team, community growth, and introduction of RiskWatch further demonstrate that Sift is leading the fraud prevention industry and enabling our customers to grow fearlessly.”

To learn more, visit sift.com.

About Sift

Sift is the AI-powered fraud platform securing digital trust for leading global businesses. Our deep investments in machine learning and user identity, a data network scoring 1 trillion events per year, and a commitment to long-term customer success empower more than 700 customers to grow fearlessly. Brands including DoorDash, Yelp, and Poshmark rely on Sift to unlock growth and deliver seamless consumer experiences. Visit us at sift.com and follow us on LinkedIn.

Media Contact:

Victor White
Senior Director, Corporate Communications
press@sift.com