Fraud prevention firm Sift has expanded its Digital Trust & Safety Suite to help businesses fight fraud and abuse, the firm announced on Tuesday (April 20). The digital trust and safety firm has upgraded its Chargeback Management, Security Notifications, Text Clustering and Workflows Replay features to streamline operations while fighting fraud.
“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, in the press release. “Now, amid the eCommerce boom, the fraud economy has become more robust and sophisticated. The new capabilities in Sift’s Digital Trust & Safety Suite provide our customers with the visibility and control they need to prevent fraud and enable growth.”
The eCommerce boom has been accompanied by fraudsters and scammers that are growing increasingly bolder and more sophisticated. And “it’s incredibly difficult to get that trust back once it’s broken,” Kevin Lee, head trust and safety architect at Sift, told PYMNTS in a recent conversation.
With Sift’s Chargeback Management integration, merchants can automatically dispute chargebacks at dispute management firms, increasing revenue recovery while limiting operational costs.
Sift’s upgraded Security Notifications feature provides businesses with a no-code email solution that identifies account takeover (ATO) attempts, sends password resets for risk-compromised accounts and trains Sift clients’ ATO models to identify risk.
Text Clustering, which works with Sift’s Content Integrity tool, now offers improved accuracy of detection of content abuse to help moderators manage spam and repetitive content.
With Workflows Replay’s update, merchants can manage fraud-fighting automation within the Workflows tool in the Sift Console, eliminating manual reviews. “Fraud analysts will also be able to test hypothetical changes, comparing the impact of those changes against historical data, before modifying live workflows.”