Sift, the Digital Trust and Safety company, has announced several new enhancements to its Digital Trust and Safety Suite to protect businesses from payment, account, and content fraud and abuse. New Workflows Replay, Security Notifications, Text Clustering, and Chargeback Management integration features enable fraud fighters to get more work done, and done faster, while streamlining operations to minimise losses and maximise revenue.
Fraudsters are capitalising on the explosive growth of digital commerce spurred by Covid-19, leveraging both new and proven tactics to extract, sell, and use payment information to steal from merchants and consumers. This vast, crowded, and interconnected network is known as the Fraud Economy, and its impact on businesses and their customers is staggering.
Yet fraud teams are often stretched thin, with limited resources, disparate systems and technologies, and ineffective operations, leaving massive blindspots in their fraud monitoring and prevention approaches––and unintentionally revealing opportunities for fraudsters. Sift’s new capabilities provide organisations with the accuracy, automation, and orchestration required to mitigate risk and drive revenue.
“At the onset of the Covid-19 pandemic, online merchants were already facing an array of threats from cybercriminals looking to steal from them,” said Geoff Huang, VP of Product at Sift. “Now, amid the e-commerce boom, the Fraud Economy has become more robust and sophisticated. The new capabilities in Sift’s Digital Trust and Safety Suite provide our customers with the visibility and control they need to prevent fraud and enable growth.”
New features include:
- Workflows Replay: Sift customers can easily visualise the effectiveness and impact of business logic to make more informed decisions. Without needing to leave Workflows in the Sift Console, users gain the visibility required to ensure that accurate automation stops fraud, eliminates unnecessary manual review, and reduces friction to increase conversions. Fraud analysts will also be able to test hypothetical changes, comparing the impact of those changes against historical data, before modifying live workflows.
- No-code Security Notifications: This industry-first feature allows teams to confirm if a risky login event was an account takeover (ATO) attempt. As an addition to Sift’s Account Defense product, Security Notifications provide a built-in email solution that leverages Sift’s global network to identify ATO cases and prompts password resets for compromised accounts. Through notifications, the feature builds user trust, protects accounts, and trains customers’ ATO models at scale––all without requiring Sift customers to write a single line of code.
- Text Clustering: By grouping similar spam and scam content together within Sift’s Content Integrity product, Text Clustering improves the detection accuracy of abusive content to help moderators review content more quickly. Organisations can minimise community exposure to spam-filled, repetitive content by surfacing groups of similar messages and taking bulk actions on them in one click.
- Chargeback Management Integrations: Available via the Sift Connect App Gallery, merchants can automate chargeback disputes via pre-built integrations with leading chargeback management vendors such as Chargeback.com. By leveraging these integrations, businesses are able to eliminate the manual processing of chargebacks and increase revenue recovery without increasing operational costs.
“With the Sift and Chargeback connector, we’re able to use our existing integration with Sift to solve the post-transaction fraud problem. Chargeback is able to use the rich Sift data set as evidence to both deflect and win disputes for us,” said Jon Helin, Director of Support of Business Operations from Doxo. “Plus, the data Chargeback collects from managing our disputes is then fed back to Sift, creating a powerful feedback loop that saves us time, helps us more accurately fight fraud, and increases revenue.”