SAN FRANCISCO, March 10, 2020 (GLOBE NEWSWIRE) -- Sift, the leader in Digital Trust & Safety, today announced the launch of Insult Monitor, an industry-first capability for online businesses looking to increase revenue by reducing false positives – purchases incorrectly identified as fraudulent. Now available to Sift Digital Trust & Safety Suite and Payment Protection customers, Insult Monitor maximizes revenue for online businesses by measuring fraud false-positive rates and allowing those businesses to reduce friction for legitimate purchases.
Reducing user friction is a key component of Digital Trust & Safety – a framework for enabling business growth while protecting against fraud and abuse. Mistakenly turning away (or “insulting”) legitimate users can kill both short-term revenue and customer lifetime value, a critical issue that businesses can now use Insult Monitor to address.
According to a Sift survey, also released today, 36 percent of consumers have had a transaction falsely declined due to suspected fraud. Approximately three-quarters of those who have had their transactions declined have experienced insults as both new and returning customers. The study also discovered that roughly a quarter of both first-time and repeat customers will shop with competitors to make the same or similar purchase after a transaction denial. That rate of brand abandonment jumps to 36 percent for consumers between 18-24 years old, and 31 percent for those between 25-34 years old.
“The fraud prevention and trust and safety community has been plagued by a ‘false positives’ problem for as long as I can remember,” said Jacqueline Hart, Head of Trust & Safety at Patreon, a Sift customer. “While preventing fraud is a paramount concern for online businesses, it’s critical that we don’t apply the ultimate type of friction – transaction denials – for legitimate customers."
With Insult Monitor, businesses can ensure legitimate users are able to speed through checkout to make their purchases, boosting and building long-term customer loyalty. As a result fraud teams can prove their effectiveness – and Sift’s effectiveness – at fighting fraud while enabling business growth. Additional features include:
- Fully integrated: Insult Monitor is the only fully integrated capability offered by a fraud solution that is dedicated to helping businesses understand their false positive rates and take action to drive more revenue.
- Makes false positive monitoring possible: According to CNP’s 2018 Fraud Operations Study, 42 percent of businesses don’t know their false positive rates. Insult Monitor provides an easy and unbiased way to gain an accurate picture of insult rates and take action to reduce them.
- Easy to use – no developer resources needed: Managers/admins can add experiments within the Sift Console at any time, and run them without any developer resources or data scientists.
- Actionable: Sift Insights make it easy to understand appropriate thresholds and optimize workflows so that businesses can accept more legitimate orders.
“Online businesses have come to accept customer insults as a cost of fighting fraud – but it doesn’t have to be this way,” said Sift Trust & Safety Architect Kevin Lee. “We developed Insult Monitor to meet a clear market need for a solution that targets fraudulent transactions, not legitimate ones. While mitigating risk is critical for any online business, a true Digital Trust & Safety strategy also means enabling growth. Insult Monitor allows our customers to do just that.”
Additional details on Insult Monitor can be found here. Sift will also be demonstrating Insult Monitor during its Strength in Numbers 2020: Virtual Event on March 18th.
About Sift
Sift 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.
Media Contact
Victor White
Director of Corporate Communications, Sift
vwhite@siftscience.com
A PDF accompanying this announcement is available at http://ml.globenewswire.com/Resource/Download/f99835f6-4647-4c2d-b109-26e9db483877
