A new report has revealed a "critical disconnect" between fraud prevention and business growth.
Sift's report, “Digital Trust & Safety: Aligning Security and Growth Strategies,” showed that while 69 percent of businesses are spending more money on fraud prevention tools, many are wasting those funds on status quo methods. Despite the fact that 77 percent of companies said delivering a frictionless customer experience is a top business priority, 58 percent noted that existing fraud prevention programs are creating friction or blocking good users.
“Friction is the enemy of growth. If companies continue to manage risk at the expense of the customer journey, they will not survive in the digital economy,” said Jason Tan, CEO and co-founder of Sift, in an emailed press release. “This will require more than simply adding a new tool or process. It requires a fundamental change in mindset to harmonize growth and risk.”
The study's findings have suggested that the solution to this change is with the C-Suite. With that in mind, Sift has introduced the Digital Trust & Safety Suite, an integrated platform of fraud prevention solutions that enables businesses to defend user accounts, as well as maintain account integrity and protect payments across the entire customer journey.
Sift has also partnered with a number of global companies that are adopting Trust & Safety practices as the standard for balancing growth and risk.
"We built our cross-functional Trust & Safety organization to proactively detect and prevent a wide range of abuses that could negatively affect our members,” said Paul Rockwell, Head of Trust & Safety for LinkedIn. “We’ve operationalized Trust & Safety by working collaboratively with teams across the company, which enables us to build products with a members-first approach, and stay ahead of the new fraud trends."
In addition, Sift is introducing advisory services that will help customers to make risk and revenue decisions while integrating Trust & Safety.