Following this launch, fraud and risk professionals will be enabled to benchmark their business’s payment fraud attack rates, fraudulent chargeback rates, as well as manual review rates against aggregated industry averages that took place over time. Merchants and customers can use these insights in order to inform risk decisioning goals and analyse how various fraud trends impact multiple areas and industries.
FIBR will also focus on enabling businesses to stop any fraudulent attempts, as well as to optimise the overall customer experience by providing them with more security and efficiency. The product was made available for merchants and traders on the Fraud Intelligence Center, which can be accessed on Sift’s website.
US-based fraud detection provider Sift had multiple collaborations and developments in the last couple of months, covering several different areas around the world.
In October 2023, the payments orchestration company BR-DGE announced its partnership with Sift in order to provide merchants and traders with fraud protection services in the region of UK. Following this announcement, BR-DGE businesses were enabled to access Sift’s machine learning (ML) platform for fraud and risk decisioning through the use of its payment ecosystem connectivity tool, the BR-DGE Connect. Both companies aimed to give merchants the possibility to benefit from the combined integration of payment orchestration, fraud prevention, and network tokenisation platform.
According to the press release published at the time, by merging BR-DGE Vault, a network of tokenisation products, and Sift’s AI-powered decisioning engine, customers were enabled to use a more secure and simplified payments experience. BR-DGE was also allowed to provide merchants with access to an additional layer of security, which aimed to promote trust and loyalty among clients.
Earlier in the same month, Sift announced the release of new platform capabilities that were developed in order to address digital risk in emerging payments and to enable an overall improved fraud decisioning process. To address the current issues and challenges that customers and businesses face, Sift introduced multiple new features, specific to the payments ecosystem. The included expanded payment coverage, weighted cohort ML modelling, as well as customisable UX.
The company also provided non-traditional payment automation, ML model training, and investigation. Fintech and businesses that wanted to facilitate an extended range of payment methods and have a deeper understanding of how end-users make payments were given the possibility to leverage the Sift Console in order to allow teams to use insights across several payment methods. These included ACH, SEPA, wire, prepaid card, as well as crypto-specific transactions and payments. For more information about Sift, please check out their detailed profile in our dedicated, industry-specific Company Database.
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