Sift is integrating technology from Keyless, the passwordless and multifactor authentication (MFA) provider, into its core platform to provide businesses with extensive consumer account security.
The integration with Keyless, which Sift acquired in November 2021, adds MFA step-up authentication as an option directly within the Sift Connect App Gallery so that users can authenticate by simply looking into their device’s camera. The integration can be triggered within Sift’s Account Defense and Payment Protection products.
Account takeover (ATO) attacks have grown rapidly over the past several years due to the expanding Fraud Economy—the global, interconnected network of online abuse that threatens merchants and consumers.
Specifically, ATO attacks across Sift’s network soared over 307 per cent between April 2019 and June 2021, and are becoming increasingly more automated and sophisticated. The evolution of ATO attacks is demonstrated in an animated visualisation on Sift’s new Fraud Intelligence Center, which deconstructs the Proxy Phantom fraud ring identified by Sift in Q3 2021.
To combat evolving risk posed by the fraud economy, businesses need solutions that provide account security, streamline their operations, and optimise growth.
The new integration creates true interoperability between Sift and Keyless by allowing businesses to route higher-risk login attempts through Keyless’ privacy-preserving biometric MFA. As a result, users can easily verify their identities via the front-facing camera on any trusted device.
“Account takeover attacks have reached new heights—in turn, many trust and safety teams are actively seeking out passwordless alternatives,” said Geoff Huang, senior vice president of product at Sift. “Through the new integration, businesses no longer need to choose between fraud and friction to more securely and seamlessly authenticate users.”
“As a digital wallet and trading platform, trust with our users is imperative,” said Rob McCall, director, fraud prevention at Uphold, a multi-asset digital money platform offering financial services to a global market, and Sift customer. “Sift’s approach to account security and its integration with Keyless’ passwordless authentication technology brings a compelling value proposition for any business that prioritises the trust and safety of its customers.”