Sift Case Studies How Sift helps CoinJar protect $300M+ in crypto assets

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	How Sift helps CoinJar protect $300M+ in crypto assets Sift

How Sift helps CoinJar protect $300M+ in crypto assets

Sift

Technology Category	Analytics & Modeling - Machine Learning
Applicable Industries	Finance & Insurance
Applicable Functions	Discrete Manufacturing
Use Cases	Fraud Detection
Services	Data Science Services
Challenge	CoinJar, a well-established digital currency exchange, was facing challenges with identity fraud, chargebacks, and account takeover. Being an online-only platform, it was crucial for CoinJar to have an effective online identity assurance program. The irreversible nature of crypto transactions and the anonymity provided by digital currencies made it a prime target for fraudsters. The company needed a solution that could adapt in real-time and provide effective fraud prevention. Read More
About Customer	CoinJar is one of the most well-established, longest-running digital currency exchanges in the world. Founded in 2013, the platform has enabled over 500k online users to buy, sell, store, and spend cryptocurrencies. With over USD $2B traded and $300M+ assets under custody, protecting users and their holdings is critical. The company operates entirely online, making it extremely important to have an effective and efficient online identity assurance program in place. Read More
Solution	CoinJar turned to Sift for its adaptable, real-time machine learning capabilities. Sift's customizable models and seamless integration with CoinJar’s existing tech stack allowed the company to prevent payment fraud and account takeover while delivering fast, simple experiences to its users. Sift's machine learning models adapt in real time, using data from Sift’s vast merchant network of 34,000+ sites and apps and over 60B global signals. This helped CoinJar to surface and reduce the risk of account takeover and payment fraud. Read More Log in to view content
Contents

Technology Category

Analytics & Modeling - Machine Learning

Applicable Industries

Finance & Insurance

Applicable Functions

Discrete Manufacturing

Use Cases

Fraud Detection

Services

Data Science Services

Challenge

CoinJar, a well-established digital currency exchange, was facing challenges with identity fraud, chargebacks, and account takeover. Being an online-only platform, it was crucial for CoinJar to have an effective online identity assurance program. The irreversible nature of crypto transactions and the anonymity provided by digital currencies made it a prime target for fraudsters. The company needed a solution that could adapt in real-time and provide effective fraud prevention.

About Customer

CoinJar is one of the most well-established, longest-running digital currency exchanges in the world. Founded in 2013, the platform has enabled over 500k online users to buy, sell, store, and spend cryptocurrencies. With over USD $2B traded and $300M+ assets under custody, protecting users and their holdings is critical. The company operates entirely online, making it extremely important to have an effective and efficient online identity assurance program in place.

Solution

CoinJar turned to Sift for its adaptable, real-time machine learning capabilities. Sift's customizable models and seamless integration with CoinJar’s existing tech stack allowed the company to prevent payment fraud and account takeover while delivering fast, simple experiences to its users. Sift's machine learning models adapt in real time, using data from Sift’s vast merchant network of 34,000+ sites and apps and over 60B global signals. This helped CoinJar to surface and reduce the risk of account takeover and payment fraud.

Impact #1	Sift's powerful suite of tools has helped CoinJar prevent fraud with significantly enhanced accuracy and improved decision-making.
Impact #2	With key insights into IP locations, account sharing, and device usage, Sift streamlined CoinJar’s fraud identification process and user journey.
Impact #3	Sift also enables CoinJar to identify unusual patterns of behavior across a single account or multiple accounts.

Impact #1

Sift's powerful suite of tools has helped CoinJar prevent fraud with significantly enhanced accuracy and improved decision-making.

Impact #2

With key insights into IP locations, account sharing, and device usage, Sift streamlined CoinJar’s fraud identification process and user journey.

Impact #3

Sift also enables CoinJar to identify unusual patterns of behavior across a single account or multiple accounts.

Benefit #1	Reduce average, daily time spent on manual review by ~50%
Benefit #2	133% return on investment
Benefit #3	Saved compliance officers an average of 4 hours per day in manual detection, verification, and review

Benefit #1

Reduce average, daily time spent on manual review by ~50%

Benefit #2

133% return on investment

Benefit #3

Saved compliance officers an average of 4 hours per day in manual detection, verification, and review

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Overview

How Sift helps CoinJar protect $300M+ in crypto assets

Operational Impact

Quantitative Benefit