Sift Case Studies How GetMyBoat fought chargebacks and coordinated fraud rings

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	How GetMyBoat fought chargebacks and coordinated fraud rings Sift

How GetMyBoat fought chargebacks and coordinated fraud rings

Sift

Technology Category	Analytics & Modeling - Real Time Analytics
Applicable Industries	Marine & Shipping
Applicable Functions	Business Operation Sales & Marketing
Use Cases	Fraud Detection
Services	Cybersecurity Services
Challenge	GetMyBoat, the world's largest boat rental and charter marketplace, was facing a significant challenge with fraudsters. These cybercriminals were coordinating efforts to exploit the platform for their own financial gain. They would transact in small amounts to test the system and then use associated accounts to complete higher value reservations. The company was also experiencing an increase in chargebacks, which were costing the business resources, time, and money. These chargebacks were in the form of friendly fraud, where customers try to get a refund for a service they already used, and common fraud, through stolen credit card credentials. The company needed a solution to combat these issues and turned to Sift for help. Read More
About Customer	GetMyBoat is the world's largest and fastest-growing boat rental and charter marketplace. It offers millions of customers a secure and easy way to book boat rentals, jet skis, yachts, pontoon boats, and fishing charters, among others. With over 140,000 listings in 184 countries covering 9,300 destinations, GetMyBoat is the premier international boat rental and water experience marketplace. The company is on a mission to open up the world of boating for both renters and owners, providing boating enthusiasts with the benefits of worldwide inventory without the cost or hassle of ownership. With the average boat only being used 8% of the year, the marketplace offers boat owners the opportunity to earn extra income and list their watercraft free of charge. The marketplace is also committed to a top-notch customer experience, providing 24/7 customer service, renter identity verification, and fraud protection for secure online payments. Read More
Solution	Sift provided GetMyBoat with access to its patented, custom machine learning models and real-time scoring based on over 16,000 signals, as well as a global network of more than 34,000 sites and apps. This wealth of data allowed GetMyBoat to track customers and determine whether they were tied to high-risk accounts by cross-referencing IP addresses, device fingerprints, and phone numbers. The company was able to uncover coordinated fraud efforts and decide more quickly and accurately which accounts to ban or suspend. When a suspicious user was detected through the Sift Console, GetMyBoat could request proof of identity, such as a driver’s license or identification card, to verify the customer. This additional level of verification enabled the company to catch fake IDs and shut down fraudulent accounts before suffering any monetary losses. Read More Log in to view content
Contents

Technology Category

Analytics & Modeling - Real Time Analytics

Applicable Industries

Marine & Shipping

Applicable Functions

Business Operation

Sales & Marketing

Use Cases

Fraud Detection

Services

Cybersecurity Services

Challenge

GetMyBoat, the world's largest boat rental and charter marketplace, was facing a significant challenge with fraudsters. These cybercriminals were coordinating efforts to exploit the platform for their own financial gain. They would transact in small amounts to test the system and then use associated accounts to complete higher value reservations. The company was also experiencing an increase in chargebacks, which were costing the business resources, time, and money. These chargebacks were in the form of friendly fraud, where customers try to get a refund for a service they already used, and common fraud, through stolen credit card credentials. The company needed a solution to combat these issues and turned to Sift for help.

About Customer

GetMyBoat is the world's largest and fastest-growing boat rental and charter marketplace. It offers millions of customers a secure and easy way to book boat rentals, jet skis, yachts, pontoon boats, and fishing charters, among others. With over 140,000 listings in 184 countries covering 9,300 destinations, GetMyBoat is the premier international boat rental and water experience marketplace. The company is on a mission to open up the world of boating for both renters and owners, providing boating enthusiasts with the benefits of worldwide inventory without the cost or hassle of ownership. With the average boat only being used 8% of the year, the marketplace offers boat owners the opportunity to earn extra income and list their watercraft free of charge. The marketplace is also committed to a top-notch customer experience, providing 24/7 customer service, renter identity verification, and fraud protection for secure online payments.

Solution

Sift provided GetMyBoat with access to its patented, custom machine learning models and real-time scoring based on over 16,000 signals, as well as a global network of more than 34,000 sites and apps. This wealth of data allowed GetMyBoat to track customers and determine whether they were tied to high-risk accounts by cross-referencing IP addresses, device fingerprints, and phone numbers. The company was able to uncover coordinated fraud efforts and decide more quickly and accurately which accounts to ban or suspend. When a suspicious user was detected through the Sift Console, GetMyBoat could request proof of identity, such as a driver’s license or identification card, to verify the customer. This additional level of verification enabled the company to catch fake IDs and shut down fraudulent accounts before suffering any monetary losses.

Impact #1	Tapping into insights from the Sift global data network, GetMyBoat was able to fight chargebacks that otherwise would have resulted in financial losses.
Impact #2	GetMyBoat has also been in the process of improving automation for their fraud prevention efforts and reducing their team’s time spent on manual review.
Impact #3	The team is dedicated to training agents to manage automation options within Sift to boost efficiency and reduce the manual workload of agents looking at potentially fraudulent reservations so they can focus on other important business functions and drive growth within the company.

Impact #1

Tapping into insights from the Sift global data network, GetMyBoat was able to fight chargebacks that otherwise would have resulted in financial losses.

Impact #2

GetMyBoat has also been in the process of improving automation for their fraud prevention efforts and reducing their team’s time spent on manual review.

Impact #3

The team is dedicated to training agents to manage automation options within Sift to boost efficiency and reduce the manual workload of agents looking at potentially fraudulent reservations so they can focus on other important business functions and drive growth within the company.

Benefit #1	30% increase in win rate
Benefit #2	Fewer chargebacks
Benefit #3	More retained revenue

Benefit #1

30% increase in win rate

Benefit #2

Fewer chargebacks

Benefit #3

More retained revenue

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Overview

How GetMyBoat fought chargebacks and coordinated fraud rings

Operational Impact

Quantitative Benefit