With the use of percentile scoring and workflow backtesting, Sift Customers can accept more orders and reduce fraud.
Percentile Scoring and Process Backtesting are two potent additions to Sift’s fraud automation & orchestration capabilities, which are the market leader in digital trust & safety. Sift-using fraud teams now have even greater control and balanced defence against changing threats and fluctuating fraud levels.
The need of being able to manage fraud losses has never been greater as firms continue to operate in an uncertain economic climate with smaller staffs and resources. Indeed, Sift’s improved Workflows and Scoring capabilities enable fraud teams to be proactive and agile, with the capacity to immediately change fraud operations in order to stop assaults and reduce losses.
Process Backtesting: Adaptable fraud controls to meet unique client requirements
With the help of the no-code engine Sift Workflow, fraud teams can quickly, flexibly, and automatically make judgements at runtime based on risk criteria, business logic, and dynamic friction. The Backtesting feature gives analysts the following options when they want to update their workflow models with new rules:
- To make sure there are no post-launch surprises, run historical data through the modified model—”replay” a workflow as if the new rule were in effect.
- Examine the backtesting results and any useful data visualisations.
- With high confidence, carry out the analysis in the Sift Console and publish modifications to workflows.
Percentile Scoring: More accuracy in determining fraud risk
Customers now have access to Percentile Scoring, an even more accurate risk indicator than Sift’s current risk scores. Teams can gain even more detailed and precise insights into shifting fraud and abuse patterns by combining fraud scores and percentile-based scoring. This enables teams to make data-driven improvements to operations as needed. Percentile Scoring allows Sift users to:
- For a more precise and detailed evaluation, choose to view a percentile score in addition to a risk score (e.g., “is this in the top 5% of fraudulent traffic”).
- Rapidly adapt fraud operations and blocking choices to fresh data and evolving fraud tendencies.
- Avoid needless automatic blockage of transactions and orders.
“Today’s fraud teams are navigating volatile fraud spikes and defending against the most advanced cybercriminals, all while working to maintain smooth and secure online experiences for their customers”, “The current fraud landscape requires that businesses have intuitive, reliable ways to make real-time adjustments to fraud operations so they can be both reactive and proactive in their fight against fraud. Sift’s new platform capabilities help risk teams achieve these goals—by empowering our customers to take control of their fraud prevention strategy to best suit their unique business needs.”
Mary Writz, SVP of Product, Sift
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