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CST: 24/04/2019 02:47:26   

New Data Reveals Fraud Prevention Hinders Growth; Reinforces Need for Digital Trust and Safety Programs

84 Days ago

Sift enhances enterprise offerings to address demand for increased customer satisfaction without risk

SAN FRANCISCO, Jan. 29, 2019 (GLOBE NEWSWIRE) -- Sift, formerly Sift Science, today released a new report, Digital Trust & Safety: Aligning Security and Growth Strategies that reveals a critical disconnect between revenue-driving strategies and fraud prevention measures. The findings punctuate an immediate threat to businesses who are not already prioritizing digital trust and safety teams and solutions. Sift is also introducing the Digital Trust & Safety Suite, empowering businesses to analyze risk across the entire customer journey with minimal friction.

With ever-growing consumer expectations for instant and excellent experiences, any added friction can impact conversion rates and in turn limit revenue growth. At the same time, establishing user trust has become critical for businesses. The new report and data show that balancing the competing demands of managing risk and growth has never been more complex. Key findings in the report support that online businesses:

  • Prioritize frictionless experiences. 77 percent state delivering a frictionless customer experience is a top business priority.
  • Inadvertently block good users. 58 percent say that existing fraud prevention programs are creating friction or blocking good users.
  • Are not evolving fast enough. 95 percent plan to invest in more of the same tools, staffing, and processes that introduce friction and impact customer experience.

“Friction is the enemy of growth. If companies continue to manage risk at the expense of the customer journey, they will not survive in the digital economy,” said Jason Tan, CEO and Co-Founder, Sift. “This will require more than simply adding a new tool or process. It requires a fundamental change in mindset to harmonize growth and risk.”

Fraud Management Transformation: Digital Trust and Safety
The findings suggest this remodeling of business strategies must begin and end with the C-suite. The high-stakes risks associated with doing business online are always evolving. It’s critical for the C-suite to reevaluate fraud management systems against a holistic approach that supports growth throughout the customer journey.

While the data sheds light on how behind many online businesses are, experience proves that embracing a trust and safety model works. Sift has aligned with a number of forward-thinking global companies that are adopting trust and safety practices as the standard for balancing growth and risk.

"We built our cross-functional Trust & Safety organization to proactively detect and prevent a wide range of abuses that could negatively affect our members,” said Paul Rockwell, Head of Trust and Safety, LinkedIn. “We’ve operationalized Trust and Safety by working collaboratively with teams across the company which enables us to build products with a members first approach and stay ahead of the new fraud trends."

A Simplified Solution for the Enterprise
To support the need of enterprises to balance growing revenue while minimizing risk, Sift has introduced the Digital Trust & Safety Suite, a single integrated platform of fraud prevention solutions. This suite allows businesses to easily defend end user accounts, maintain account integrity and protect payments across the entire customer journey.

Specific updates to the platform include:

  • Enterprise Controls: New role-based permissions to the analyst workspace, providing more control over features and data, ensuring customized and secure access for collaborators.
  • Login Inspector: Consolidated view of login activity based on common attributes, making it easier to investigate account takeover
  • Expanded Insights: New reporting to show automation effectiveness, as well as dashboards for Account Defense and Content Integrity.

In addition to the new product suite, Sift is also introducing advisory services to support customers in their efforts to cross-functionally align risk and revenue decisions and operationalize Trust & Safety.

For more information on Digital Trust & Safety, download Sift’s eBook here.

Survey Methodology
The Digital Trust & Safety: Aligning Security and Growth Strategies survey was commissioned by Sift and fielded by Berg Research, an independent research firm. The responses were generated from a survey of 500 professionals across North America with responsibilities related to fraud, risk, mobile or ecommerce operations and strategy. These professionals represent companies with 500+ employees throughout North America and across online retail industries, such as travel, hospitality, ecommerce, etc.

About Sift
Sift, formerly Sift Science, is the leader in Digital Trust & Safety, empowering digital disruptors to Fortune 500 companies to unlock new revenue without risk. Sift dynamically prevents fraud and abuse through industry-leading technology and expertise, an unrivaled global data network of 35 billion events per month, and a commitment to long-term customer partnerships. Global brands such as Twitter, Airbnb and Twilio rely on Sift to gain competitive advantage in their markets. Visit us at sift.com and follow us on Twitter @GetSift.

CONTACT:
Kristina Lazarakis
PAN Communications (for Sift)
sift@pancomm.com


Two photos accompanying this announcement are available at:

http://www.globenewswire.com/NewsRoom/AttachmentNg/b3fea330-3bb1-4c41-b564-6e0acb52fede

http://www.globenewswire.com/NewsRoom/AttachmentNg/c31667c0-f779-4d95-90cb-11817f7d7a46

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