Press Release: Sift Science Caps Off Year of Tremendous Technology, Customer, and Company Growth
SAN FRANCISCO, CA–(Marketwired – Dec 17, 2015) – Sift Science, the leading provider of real-time machine learning fraud detection, today announced a year of remarkable growth and company milestones, driven by significant adoption of its cutting-edge cloud-hosted technology that is revolutionizing fraud prevention for businesses worldwide.
With fraud costing U.S. retailers an estimated $32 billion annually, it’s more critical than ever for online businesses to invest in advanced and accurate fraud prevention technology. New data shows online credit card fraud attempts grew 30% between 2014 and 2015. And the October 2015 rollout of EMV — which makes physical credit cards much harder to counterfeit — has raised concerns about an expected increase in e-commerce fraud as criminals move online. Sift Science has capitalized on this market opportunity, providing a low-cost, machine learning fraud detection solution that enables online business to better track, understand, and stop increasingly sophisticated fraud in the ever-changing online landscape.
Sift Science 2015 Milestones:
- Increased revenue more than 3x, adding new key customers in a variety of industries, including e-commerce, travel, online marketplaces, and financial services
- Grew active customers more than 2x. New customers added in 2015 include Vimeo, Zillow, Everything but the House, CrateJoy, Cabify, Yerdle, & Ibotta.
- Released two major products to efficiently block malicious users by device (Device Fingerprinting) and detect account-level fraud like spam and scams (Account Abuse).
- Doubled its workforce and added three key new executives from Google (Karen Tsay, Head of Business Operations), Twilio (Zeeshan Yoonas, Head of Sales), and New Relic (Bill Hodak, Head of Marketing).
- Leveraged an unprecedented amount of data, collecting over 1.2 billion unique events and producing 240 million fraud scores for its customers every month.
In 2015, two major product releases and a new partnership helped cement Sift Science’s position as the most robust solution available to businesses of all sizes looking for an accurate tool to prevent online fraud in real time. Device Fingerprinting allows companies to save time and automate fraud prevention by automatically blocking malicious users by device. Websites can now also take advantage of Sift Science’s Account Abuse product to detect scammers, spammers, and other forms of account-level fraud so they can maintain an excellent user experience. Finally, a partnership with Bigcommerce, the e-commerce platform of choice for emerging brands, made it even easier for mid-sized merchants to benefit from Sift Science’s enterprise-level fraud detection.
The innovations above, in conjunction with several added features and product enhancements, enable businesses worldwide to eliminate fraud, significantly reduce costs, and grow revenue. Mobile travel application HotelTonight reduced chargebacks by 50% with Sift Science, while automatically blocking 6.5 times as many fraudulent orders — which drastically cut the amount of time spent on manual review. Financial service provider Entropay increased conversions by 15% after implementing Sift Science. And food-ordering platform EatStreet slashed chargebacks by 85%, achieving an 8-9x return on investment with Sift Science’s platform.
“There’s no question that 2015 was an outstanding year for Sift Science,” said Jason Tan, CEO and co-founder of Sift Science. “As more businesses turned to our machine learning technology to accurately predict fraud, automate fraud detection, and minimize operational costs, we expanded our impact and achieved amazing results for our customers. In the coming year, we remain focused on delivering truly innovative anti-fraud solutions for companies of all sizes who are doing business across the globe.”
About Sift Science
Sift Science provides real-time fraud protection through large-scale machine learning and risk scoring that allows online businesses to easily identify all types of fraud and protect their core assets. Sift Science not only provides businesses with the most comprehensive fraud detection platform, it can also be customized for any online business. By utilizing Sift Science’s beautiful Console to effectively visualize site activity in real time, online business and marketplaces can balance the needs of fraud protection and great customer experience. Sift Science is headquartered in San Francisco, California. Visit us at https://siftscience.com and follow us on Twitter @SiftScience.
Contact:
Media Contact:
Jim Dvorak
Kulesa Faul for Sift Science
Email Contact
415-735-1622
