Sift to acquire SaaS based dispute management provider Chargeback
By Pavithra R
The acquisition comes at a time when both e-commerce growth and payment fraud are accelerating, and as the Fraud Economy, the sophisticated and interconnected network of cybercriminals and their methods has rapidly expanded.
Through the addition of Chargeback to Sift’s platform, merchants will gain access to a complete solution that addresses risk before, during, and after user transactions. Specifically, the two companies prevent both “true” fraud, which occurs when stolen credentials or payment information is used to make purchases, as well as “friendly” fraud, which occurs when consumers make false chargeback claims to their payment providers.
“Preventing chargeback fraud is the critical ‘last mile’ of stopping payment fraud entirely. With the addition of Chargeback’s team, technology, and partners, our customers gain a true hub for fighting all types of fraud and abuse while creating a more seamless experience. We’re excited to continue working together as we help our customers implement their Digital Trust & Safety strategies,” said Marc Olesen, President & CEO of Sift.
Chargeback’s pre-built connector within the Sift Connect integration hub adds to the rich data from integrations with leading payment service providers (PSPs) already available in the Sift App Gallery. Using Sift with the Chargeback connector will provide trust and safety teams with an end-to-end view of transactions from account creation to dispute resolution, enabling them to retain revenue with higher acceptance rates, lower dispute rates, and use Sift as their central nervous system for fighting fraud.
“As a longtime Sift partner, we’ve seen how effective full fraud coverage has been for joint customers using Chargeback’s integration with Sift. Now, as one company, we have an incredible opportunity to provide a single solution to merchants so they grow with less risk,” said John Munro, CEO of Chargeback.
Founded in 2011, Sift, formerly Sift Science, is the leader in Digital Trust & Safety, empowering companies of all sizes to unlock new revenue without risk. Global brands such as Twitter, Airbnb, and Twilio rely on Sift to stay competitive and secure.
IBSi Daily News Analysis
September 30, 2022
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