If we’ve learned anything from the hacks and breaches in 2018 (think Facebook, Under Armour and Adidas — to name a few) it’s that the business world still struggles to keep up with fraudsters who are exploiting new surface areas and the latest tools to block them. To help shed some light here, our team at Sift Science recently shared our Fraud Myths Report to show how counter-intuitive insights drive better, immediate, automated business decisions. The myths were derived from analyzing 165 billion transactions and 16K signals across Sift Science’s global network.
This article takes a deeper look at four myths from the report affecting the payments and ecommerce industries. Debunking these myths will help businesses understand how fraud misconceptions affect their bottom line and how fraud-fighting tools and insights can help them stay on track to better detect and prevent fraud.