The digital fraud management (DFM) space is a highly competitive one. It represents a huge spectrum of fraud solutions and strategies that are as diverse as the merchants and financial institutions who rely on them. And, the implications for aligning with the right technology partner are massive, materially affecting digital customer experience, revenue, and profitability.
There’s no shortage of online risk, either; payment fraud, scams, account takeover, and policy abuse have been notably and increasingly aggressive across every vertical. Backed by AI and automation, fraudsters are faster and further-reaching by the day, attacking the entire customer lifecycle with tools that can outpace anything manual or reactive. At Sift, that knowledge has played a pivotal role in shaping our technical roadmap, and defined our commitment to data-driven, customer-centric products and features.
For these reasons and many more, we’re especially excited to share that Sift has been named a Leader in the 2023 Forrester WaveTM: Digital Fraud Management, a new analyst report designed to help businesses understand the value they can expect from different DFM vendors. It provides objective insights for merchants in categories including (but not limited to) user management, channels and transaction types, integrations, roadmap, and community.
With Sift achieving top scores in chargeback management, non-payment fraud and policy abuse, roadmap differentiation, integrations, and community, we believe this report is a tangible acknowledgment of Sift’s ability to support secure business growth at scale.
Sift’s unmatched coverage meets a robust technical roadmap
Businesses on the hunt for a DFM platform that supports scalable growth expect vendors to deliver seamless integrations and rapid time-to-value. They expect rich insights and real-time results. And above all, they expect the solution they choose to keep their revenue and customer interactions secure.
Valuable digital fraud management (DFM) solutions integrate data from multiple information sources and provide transaction monitoring, risk scoring, case management, and reporting for online payment and nonpayment transactions. According to the report, businesses should look for digital fraud management vendors that provide:
Purpose-built chargeback management. Businesses need digital fraud management solutions that provide context for chargeback investigation, mitigation, and case management—in addition to protection against the full spectrum of online fraud and abuse. Sift defends against payment fraud, account takeovers, spam and scams, and disputes using automation and ML-powered recommendations, so merchants can build winning responses and retain more revenue.
Support for flexible user authentication policies. Detection is only one part of what a DFM solution should offer. Merchants are after airtight authentication and verification capabilities that represent cutting-edge MFA and biometrics. Sift offers customers the ability to introduce dynamic friction on risky events, ensuring that trusted users are automatically accepted while fraudsters are stopped at the gate.
Investigator-centric case management. DFM solutions should offer customizable queue management, case-routing, and investigator performance reporting that’s flexible and clear. Sift’s intelligent response recommendations use real-time machine learning to identify missing evidence, accelerate mitigation, and provide robust performance and win reports.
Outstanding community, data, and risk scoring strategies
While Sift continues expanding our platform’s strength in the above areas, we’re also laser-focused on fine-tuning and introducing features that add simplicity and speed throughout fraud operations. Our roadmap includes versioned workflows, new, segmented APIs that support faster customer onboarding, and additional telemetry, controls, and dashboards for bot detection. It’s our goal to make it even simpler for businesses to leverage trust and safety as a valuable revenue stream, while automatically protecting against evolving abuse.
That’s made possible by Sift’s global data consortium of 1 trillion annual events and 16k unique model attributes, representing a vast spectrum of businesses across every industry and region, along with their customers, users, and signals. It delivers deep insights that make it possible for us to protect $325B in annual gross merchandise value without costing our customers business.
Consortium risk capabilities allow Sift customers to benefit from shared intelligence networks that keep them and their end-users protected across every channel, at every point of interaction. But because we believe that it takes a network to fight a network, robust data is only part of how Sift protects customers. Our dedicated Sifters Customer Community contributed significantly to us receiving the highest “community” score possible in the report. Sifters gives teams using our platform direct access to an international and diverse group of trust and safety professionals, our in-house fraud and product experts, and emerging intel on criminal technology and tactics.
We’re outpacing online abuse with the combined strength of human intelligence and intelligent automation. Along with a roadmap built to adapt and scale with customer needs and disruption, I’m confident that our Digital Trust & Safety Platform will continue to deliver unmatched results and protection in every vertical, no matter the size or type of business. Watch our webinar on Selecting the Right Digital Fraud Management Partner, featuring Forrester for more insights.
The Forrester Wave™ is copyrighted by Forrester Research, Inc. Forrester and Forrester Wave™ are trademarks of Forrester Research, Inc. The Forrester Wave™ is a graphical representation of Forrester’s call on a market and is plotted using a detailed spreadsheet with exposed scores, weightings, and comments. Forrester does not endorse any vendor, product, or service depicted in the Forrester Wave™. Information is based on best available resources. Opinions reflect judgment at the time and are subject to change.Or The Forrester New Wave™ is copyrighted by Forrester Research, Inc. Forrester and Forrester Wave™ are trademarks of Forrester Research, Inc. The Forrester New Wave™ is a graphical representation of Forrester’s call on a market. Forrester does not endorse any vendor, product, or service depicted in the Forrester New Wave™. Information is based on best available resources. Opinions reflect judgment at the time and are subject to change.