Recent data from Sift’s global network showed an 850% increase in fintech ATO fraud rates, with cybercriminals turning to automation to execute large-scale rapid-fire attacks, as well as exploiting newer payment methods and fluctuations in traffic. Along with a pressing need to scale all operations to meet ballooning demand, fintechs are facing unprecedented risk from digital fraudsters. You can’t talk about payments without talking about fraud, as noted by Coinbase during their session at this year’s big fintech reunion-and with payment fraud up 60% YoY in neobanks and 33% in digital wallets, the proof is in the data. Key trends and takeaways from Money20/20 Las Vegas Below are a few of our key takeaways from the event. The Sift team came away from the four-day event with a wealth of conversations, connections, partnerships, and insights.
The event brought in more than 7,500 registrants and 390 vendors from around the world, fueling groundbreaking conversations and inspiring opportunities for collaboration and change. Sift recently had the pleasure of sponsoring and speaking at this year’s Money20/20 conference in Las Vegas, one of the largest and most influential shows in the fintech industry.
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