Sift, a leading digital trust and safety solution recently announced a new $50 Million funding round at over a $1B valuation. This brings the company’s total funding to over $150 Million and will help it expand its product portfolio and scale its team.
Sift is one of the more established fraud prevention solutions and counts many enterprise companies such as Airbnb, DoorDash, McDonalds, Twilio and Wayfar as some of its customers. It uses sophisticated machine learning technologies to differentiate legitimate users and customers from fraudulent ones.
Legacy, rules-based approaches to fighting fraud can’t defend against the sophisticated Fraud Economy that has dramatically expanded and evolved in parallel with digital commerce over the last year. With this new investment we can continue to build out our Digital Trust & Safety platform to help merchants not only fight all types of fraud and abuse, but reduce friction for legitimate customers and grow revenue.Marc Olesen, president and CEO at Sift
The pandemic has played an influential role in scaling and evolving fraudsters’ abuse tactics. Fraud vectors are no longer siloed; they have advanced into a vast, crowded and interconnected network known as the Fraud Economy. With limited resources and outdated technology, many fraud prevention teams lack visibility across their organizations. As a result, enterprises become vulnerable to new types of abuse and losses – forcing merchants into the false choice of preventing fraud or creating a seamless customer experience.
Sift will also be participating in a webinar on combating the evolving complexities of payment fraud on May 13, 2021 and sharing some of their extensive knowledge on combating alternative payment method fraud with the merchant community.