Sift’s Launches New Automation & Orchestration Capabilities to Give Businesses More Control in the Fight Against Fraud
Sift, the leader in Digital Trust & Safety, today announced the release of two powerful updates to its fraud automation & orchestration capabilities: Percentile Scoring and Workflow Backtesting. Fraud teams using Sift now have even more control and balanced protection against evolving threats and volatile fraud levels.
As businesses continue to face uncertain economic conditions while operating with reduced teams and resources, the ability to control fraud losses has never mattered more. Sift’s enhanced Workflows and Scoring capabilities do just that—allowing fraud teams to be proactive and agile, with the ability to make real-time adjustments to fraud operations to quickly prevent attacks and minimize losses.
Workflow Backtesting: Customizable fraud controls to suit specific customer needs
Sift Workflow is a no-code engine that enables fraud teams to codify risk thresholds, business logic, and dynamic friction into fast, flexible, and automated run-time decisions. When analysts want to update their workflow models with new rules, the Backtesting capability allows them to:
- Run historical data through the updated model—‘replay’ a workflow as if the new rule were live—to ensure there are no post-launch surprises.
- Analyze the outcome of the backtesting along with helpful data visualizations.
- Easily perform the analysis in the Sift Console and publish changes to workflows with high confidence.
- Percentile Scoring: Increased precision in fraud risk assessments
In addition to Sift’s existing risk scores, Percentile Scoring offers customers an even more precise indicator of risk. Leveraging a combination of fraud scores and percentile-based scoring provides teams with even more nuanced and accurate insights about changing fraud and abuse patterns, allowing teams to make data-informed adjustments to operations when needed. With Percentile Scoring, Sift customers can:
- Choose to see a percentile score (i.e., “is this in the top 5% of fraudulent traffic”), in addition to a risk score, for a more accurate and nuanced assessment.
- Quickly adjust fraud operations and block decisions to changing fraud patterns and new data.
- Prevent unnecessary automatic blocking on orders and transactions.
“Today’s fraud teams are navigating volatile fraud spikes and defending against the most advanced cybercriminals, all while working to maintain smooth and secure online experiences for their customers,” said Mary Writz, SVP of Product at Sift. “The current fraud landscape requires that businesses have intuitive, reliable ways to make real-time adjustments to fraud operations so they can be both reactive and proactive in their fight against fraud. Sift’s new platform capabilities help risk teams achieve these goals—by empowering our customers to take control of their fraud prevention strategy to best suit their unique business needs.”
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