Sift Science, a provider of fraud prevention and risk management solutions using real-time machine learning (ML), has a new reporting suite.
The new suite is built into the Sift Science Digital Trust Platform and empowers fraud operations teams and business leaders with a full view of how fraud and abuse impact top-line revenue, customer experience, and operational efficiency.
Using the Sift Insights dashboards, fraud teams can monitor operations in real time or generate historical reports to understand the volume and accuracy of fraud decisions.
“Businesses know they need to measure fraud and implement abuse prevention tactics, but they often lack visibility into fraudsters’ behavior and performance of their fraud teams,” said Jason Tan, CEO and co-founder, Sift Science.
“Fraud managers want to know a range of data points — everything from when fraud is happening, how fraud trends change over time and how they can best allocate budget and resources. With Sift Insights, organizations now have access to the insights needed to fight fraud and resolve operational challenges in their entirety.”
Sift Insights means that fraud managers can understand the total impact of fraud with centralized information about all the fraud the company is facing.
It also claims to enable them to make smarter decisions and build better rules using built-in reports on analyst performance and business logic. Fraud managers can also export reports to customise analysis, and tune fraud-fighting efforts based on team KPIs.
Earlier this year, Sift Science closed a $53m Series D led by Stripes Group. The New York-based growth equity firm was joined by Union Square Ventures, Insight Venture Partners and Spark Capital in the round, which brings the company’s total funding to $107m.
Launched in 2011 from the Y Combinator incubator program, the Sift Science Digital Trust Platform uses Live Machine Learning to accurately predict which users online businesses can trust and which ones they can’t.
The platform hosts a full suite of fraud prevention products, providing a holistic solution that protects businesses from all vectors of fraud and abuse including payment fraud, account takeover, fake accounts and abusive user-generated content. It claims the solution is so accurate at detecting fraud and abuse that many fraud processes and decisions can be fully automated.
Sift Science recently partnered with payments processor Acapture. Together they will create a single platform capable of managing every type of ecommerce fraud according to the companies.
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