fraud prevention, fraud, cybersecurity
Cybersecurity Fintech North America Trending

Sift to Acquire Chargeback To Provide Merchants Protection Against Payment Fraud

Sift, a leader in Digital Trust & Safety, has announced that it has signed a definitive agreement to acquire Chargeback, the pioneer in real-time dispute management for merchants. The two companies are coming together as both e-commerce growth and payment fraud are accelerating, and as the Fraud Economy—the sophisticated and interconnected network of cybercriminals and their methods—has rapidly expanded.

With the addition of Chargeback to Sift’s platform, merchants will gain access to a complete solution that addresses risk before, during, and after user transactions. Specifically, the two companies prevent both “true” fraud, which occurs when stolen credentials or payment information is used to make purchases, as well as “friendly” fraud, which occurs when consumers make false chargeback claims to their payment providers (e.g., about undelivered or unsatisfactory merchandise).

Additionally, Chargeback’s pre-built connector within the Sift Connect integration hub adds to the rich data from integrations with leading payment service providers (PSPs) already available in the Sift App Gallery. Using Sift with the Chargeback connector provides trust and safety teams with an end-to-end view of transactions from account creation to dispute resolution—enabling them to retain revenue with higher acceptance rates, lower dispute rates, and use Sift as their central nervous system for fighting fraud.

“Preventing chargeback fraud is the critical ‘last mile’ of stopping payment fraud entirely,” said Marc Olesen, President & CEO of Sift. “With the addition of Chargeback’s team, technology, and partners, our customers gain a true hub for fighting all types of fraud and abuse while creating a more seamless experience. We’re excited to continue working together as we help our customers implement their Digital Trust & Safety strategies.”

“As a longtime Sift partner, we’ve seen how effective full fraud coverage has been for joint customers using Chargeback’s integration with Sift,” said John Munro, CEO of Chargeback. “Now, as one company, we have an incredible opportunity to provide a single solution to merchants so they grow with less risk.”

Author

  • Polly is a journalist, content creator and general opinion holder from North Wales. She has written for a number of publications, usually hovering around the topics of fintech, tech, lifestyle and body positivity.

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