Sift Science Releases Sift Insights, Real-time Analytics and Reporting to Improve Fraud Operations
Insights dashboards reveal business impact of fraud, operational metrics, and opportunities for greater efficiency
Sift Science, the leading provider of fraud prevention and risk management solutions using real-time machine learning (ML), has today announced Sift Insights, a new reporting suite built into the Sift Science Digital Trust Platform. Available immediately, Sift Insights 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 Sift Insights dashboards, fraud teams can monitor operations in real time or generate historical reports to understand the volume and accuracy of fraud decisions. Having such insight available allows merchants, marketplaces and online communities to deploy resources more effectively, and to lower overall fraud rates.
Accurate and comprehensive measurement is integral to understanding business health. The 2017 Merchant Risk Council (MRC) Global Fraud Survey found that 68 percent of MRC members rate improving fraud analytics as one of their top three priorities. Yet nearly four in 10 (38 percent) organizations do not track any metrics beyond chargeback rate, according to the 2018 CNP Fraud Operations Study. Additionally, according to a report from the Association of Certified Fraud Examiners, 39 percent reported that no performance metrics are used to evaluate their investigation teams (ACFE, 2017).
“Sift Insights gives me the ability to make smarter day-to-day decisions,” said Pascual Artero, Chargeback Supervisor, Mercari, Inc. “At a glance, I can easily see how my team is tracking against our KPIs and make real-time adjustments as needed. When I want to dive deeper or review with leadership, built-in reporting helps me measure exactly how Sift is helping grow our business, reduce fraud, and keep our marketplace safe.”
Companies using Sift Insights have access to exportable reports, data visualizations, and other tools to see fraud and chargeback rates over time, abuse and block rates for user accounts, and more. Sift Insights makes fraud operations more effective by revealing the nuances of fraudulent and abusive behavior. For example, Sift’s 10 Fraud Myths Report, also released today, reveals hidden fraud trends that impact businesses and the operational costs involved.
“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.”