Best Antifraud Solution
Sift Science, a Silicon Valley startup that is part of a vanguard of technology companies applying machine learning and artificial intelligence to e-commerce fraud prevention, has garnered the Judges Choice Award for Best Antifraud Solution in the 2017 CNP Awards. Nearly 9,000 websites and apps use Sift Science, which launched in March 2013.
Sift Science serves e-commerce companies across various markets, including on-demand, travel and hospitality, FinTech, SaaS enterprise, online dating, retail, and social networks.
Its cloud-based platform enables businesses to fight the most prevalent and pervasive types of online fraud, the company says. Large-scale machine learning technology analyzes data instantly, connecting thousands of seemingly unconnected clues to identify fraud and abuse. Analysts can also use the Sift Science console to investigate fraud and create smart workflows.
The company notes that its customers save time and money by preventing fraud, creating operational efficiencies, and reducing the need for manual review. At the same time, these businesses reduce friction, increase conversion rates, and grow revenue by using the solution to identify legitimate, trusted users and optimizing their experience.
Sift Science notes that its accuracy is the result of employing three key technology-based competitive differentiators:
Speed: Sift Science’s machine learning models update automatically in real time compared to other machine learning approaches that manually rebuild and update models weekly or monthly. In addition, Sift Science (re)scores users and orders each time a relevant event occurs across the global network of businesses.
Scale: More than 6,000 websites and apps depend on Sift Science to protect their every transaction, every day. At this scale, Sift Science analyzes 150 million events and calculates 15 million risk scores daily.
Sophistication: Sift Science maintains a custom machine learning model for every customer, tailoring the model to detect their unique fraud needs, including real-time learning from custom attributes and events.
Sift Science’s business model (no contract, cancel anytime, free trial, transparent pay-as-you-go pricing) and ease of use (easy integration, great support, modern web-based interface and data visualizations) are important differentiators for the company.