Prestigious International Awards Program Recognizes Outstanding Information Security Products and Companies
SAN FRANCISCO, Sept. 30, 2021 (GLOBE NEWSWIRE) — Sift, the leader in Digital Trust & Safety, today announced that it has been named the winner of the “Transaction Security Solution of the Year” award in the fifth annual CyberSecurity Breakthrough Awards program conducted by CyberSecurity Breakthrough, a leading independent market intelligence organization that recognizes the top companies, technologies and products in the global information security market.
Sift’s Digital Trust & Safety Suite provides organizations with a machine learning-powered platform to grow revenue without risk. Its integrated solution prevents payment fraud, fake account signups, account takeover (ATO), content abuse, and chargeback fraud, all while creating a seamless experience for users.
Key to Sift’s CyberSecurity Breakthrough win was Insult Monitor, an important feature the company released in 2020. The industry-first capability helps companies increase revenue by reducing false positives—legitimate purchases incorrectly identified as fraudulent. With Insult Monitor, merchants can ensure legitimate users are able to speed through checkout to make their purchases, boosting and building long-term customer loyalty. As a result, fraud teams can prove their effectiveness—and Sift’s —at fighting fraud while enabling business growth.
“Sincerest thanks to CyberSecurity Breakthrough for singling us out as a winner in this year’s awards. As online transactions continue to surge due to the growth in e-commerce, companies have implemented rigorous anti-fraud measures to keep scammers out,” said Marc Olesen, President & CEO of Sift. “Unfortunately, these new processes can mistakenly turn away legitimate customers and stifle growth. However, with a Digital Trust & Safety approach—one that both protects against abuse and reduces friction for customers—merchants can keep growing their businesses and expanding into new markets while stopping fraudsters in their tracks.”
The mission of the CyberSecurity Breakthrough Awards is to honor excellence and recognize the innovation, hard work, and success in a range of information security categories, including Cloud Security, Threat Detection, Risk Management, Fraud Prevention, Mobile Security, Email Security, and many more. This year’s program attracted more than 4,000 nominations from over 20 different countries throughout the world.
“The reality is businesses can’t afford to turn away legitimate transactions and risk losing revenue,” said James Johnson, managing director, CyberSecurity Breakthrough. “Traditionally, merchants have established more static risk thresholds, rules, and fraud blocking logic to determine false-positive rates. However, that logic doesn’t account for dynamic changes in customer behavior, and typically creates more friction within the e-commerce buying experience. With the ‘breakthrough’ Insult Monitor capability, businesses can ensure legitimate customers are able to make their purchases. We are so thrilled to congratulate Sift on winning our ‘Transaction Security Solution of the Year’ award.”
Sift is the leader in Digital Trust & Safety, empowering digital disruptors to Fortune 500 companies to unlock new revenue without risk. Sift dynamically prevents fraud and abuse through industry-leading technology and expertise, an unrivaled global data network of 70 billion events per month, and a commitment to long-term customer partnerships. Global brands such as Airbnb, Doordash, and Wayfair rely on Sift to gain a competitive advantage in their markets. Visit us at sift.com, and follow us on Twitter @GetSift.
About CyberSecurity Breakthrough
Part of Tech Breakthrough, a leading market intelligence and recognition platform for global technology innovation and leadership, the CyberSecurity Breakthrough Awards program is devoted to honoring excellence in information security and cybersecurity technology companies, products and people. The CyberSecurity Breakthrough Awards provide a platform for public recognition around the achievements of breakthrough information security companies and products in categories including Cloud Security, Threat Detection, Risk Management, Fraud Prevention, Mobile Security, Web and Email Security, UTM, Firewall and more. For more information visit CyberSecurityBreakthrough.com.
Director of Corporate Communications, Sift