Fraud never sleeps. Staying ahead of the threat requires innovative technology that allows for both the evolution of automation and the ability to surface actionable insights for optimal performance.
Automation is crucial for scaling fraud prevention and improving customer experience, but it can also be complex and resource-intensive for risk teams to manage. This is especially true for companies reliant on traditional rules-based decisioning, which is often rigid and highly complex. Workflows, a machine learning-based advancement to traditional rules, solves for this with dynamic automation driven by real-time risk assessments.
Sift’s newly released Workflow Simulation innovation makes it easier to drive fraud performance with on-demand, drill-down insights to guide automation improvements in a simulated environment. With Workflow Simulation, an evolution of Workflow Backtesting released earlier in 2023, businesses can operate faster and more confidently with detailed data analysis to pinpoint, test, and measure how automation adjustments perform before implementation.
Why Workflow Simulation, why now?
Automating fraud strategies is crucial for scaling fraud prevention, but understanding what changes are needed can be incredibly challenging and may have dire impacts on performance if not done correctly. Standard testing tools may offer some assurance of safety, but fall short in providing the detailed insights necessary for intelligent fine-tuning.
Many companies lack the resources to invest in costly third-party tools or additional data scientists needed to run deep analysis, leading to high-risk automation changes or maintaining an ineffective status quo. This can result in high block rates, increased chargeback costs, slow responses to emerging fraud trends, or unnecessary roadblocks in customer experience. Workflow Simulation addresses these challenges by providing a data-backed approach to rapid-cycle testing directly within the Sift platform.
Innovations like Workflow Simulation take workflows to a new level, underscoring Sift’s leadership in digital fraud management, as recognized in the 2023 Forrester Wave™ for Digital Fraud Management report. This tool comes just in time as companies head into the holiday season where revenue potential is at its peak and automation strategies must be adjusted to account for spikes in fraud rates and transaction volumes. Fraud teams now have the data-backed confidence to act quickly and effectively during these pivotal times.
“Workflow Simulation has made it easier for us to meet our SLAs and has given us the ability to pinpoint how to optimize our automation with data-backed confidence. What’s more, this offering has replaced what we formerly did with a third-party BI tool by incorporating Workflow Simulation’s on-demand insights directly within the Sift Console.”
Derek Shull, Fraud Manager, Strategy & Analytics at Poshmark
How to enable safer, easier growth with Workflow Simulation
Workflow Simulation delivers confidence in implementing safe automation changes and granular insights for fine-tuning adjustments. The tool allows teams to simulate automation changes, observe quantifiable impacts on key performance indicators, and gain detailed insights to optimize workflows. The ability to perform these tasks directly within the Sift platform eliminates the need for additional resources or third-party analytics.
Workflow Simulation empowers front-line fraud teams with a 5-step approach to rapid-cycle testing that can help uncover exactly how to best optimize your Workflows—quickly, safely, and directly in the Console. Doing so will allow faster response times and more accurate adjustments. Businesses can utilize Workflow Simulation to fine-tune scores, reduce false positives, reduce manual reviews, predict manual review rates, and test performance anomalies.
The three main capabilities of Workflow Simulation are designed to enable safer, easier growth for digital businesses:
- Visual-based reports showing the direct impacts of fraud criteria changes on key performance indicators (e.g. approval rates, block rates, manual reviews)
- Highly flexible testing configurations with the ability to add, remove, reorder, and edit existing automation routes—including ML scores
- Drill-down insights to help more quickly spot fraud trends and identify how to drive additional automation improvements
As companies navigate the complexities of fraud prevention, Sift’s Workflow Simulation stands out as a key enabler, offering businesses the confidence and insights to stay ahead in the dynamic landscape of online risk prevention.