Sift Case Studies How Uphold lowered fraud rates to 0.01% with Digital Trust & Safety

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	How Uphold lowered fraud rates to 0.01% with Digital Trust & Safety Sift

How Uphold lowered fraud rates to 0.01% with Digital Trust & Safety

Sift

Technology Category	Analytics & Modeling - Real Time Analytics
Applicable Industries	Finance & Insurance
Applicable Functions	Business Operation
Use Cases	Fraud Detection
Services	Data Science Services
Challenge	Uphold, a multi-asset digital money platform, was facing challenges in ensuring the trustworthiness of new users while reducing friction throughout the customer journey. The company needed accurate risk assessments of the actions taken on their site. This meant deploying additional friction points and manual review before Uphold would allow a customer to transact. Uphold needed a fraud prevention solution that highlighted the riskiness of every action taken on their site and that simplified the review process for their fraud analysts, allowing them to quickly identify linked fraud behaviors between accounts so they could stop fraud fast. Read More
About Customer	Uphold is a multi-asset digital money platform offering financial services to a global market. They currently operate in 184+ countries, across 80+ currencies (traditional and crypto) and commodities, offering customers frictionless foreign exchange and cross-border remittance. Since launching in 2015, Uphold has powered more than $4+ billion in transactions. It was crucial for Uphold to ensure the trustworthiness of new users while reducing friction throughout the customer journey and securing all subsequent actions users take on the site. Read More
Solution	Uphold turned to Sift for a fraud prevention solution. Sift's Payment Protection and Account Defense products easily integrated with Uphold’s existing systems and allowed them to secure key points in their customer journey—account creation and the subsequent transactions that took place on their platform. Their fraud analyst team leverages the Explore and Review dashboards within the Sift console to gain insight on users and their actions, and identify risky behaviors between accounts. They also utilize the Workflows feature to quickly build rules off of the real-time risk assessments provided by Sift that can be easily adjusted as business and fraud trends changed—all with little-to-no coding. Uphold also recently expanded their relationship with Sift and began using the Dispute Management product to reduce chargebacks, win more disputes, and boost efficiency. Read More Log in to view content
Contents

Technology Category

Analytics & Modeling - Real Time Analytics

Applicable Industries

Finance & Insurance

Applicable Functions

Business Operation

Use Cases

Fraud Detection

Services

Data Science Services

Challenge

Uphold, a multi-asset digital money platform, was facing challenges in ensuring the trustworthiness of new users while reducing friction throughout the customer journey. The company needed accurate risk assessments of the actions taken on their site. This meant deploying additional friction points and manual review before Uphold would allow a customer to transact. Uphold needed a fraud prevention solution that highlighted the riskiness of every action taken on their site and that simplified the review process for their fraud analysts, allowing them to quickly identify linked fraud behaviors between accounts so they could stop fraud fast.

About Customer

Uphold is a multi-asset digital money platform offering financial services to a global market. They currently operate in 184+ countries, across 80+ currencies (traditional and crypto) and commodities, offering customers frictionless foreign exchange and cross-border remittance. Since launching in 2015, Uphold has powered more than $4+ billion in transactions. It was crucial for Uphold to ensure the trustworthiness of new users while reducing friction throughout the customer journey and securing all subsequent actions users take on the site.

Solution

Uphold turned to Sift for a fraud prevention solution. Sift's Payment Protection and Account Defense products easily integrated with Uphold’s existing systems and allowed them to secure key points in their customer journey—account creation and the subsequent transactions that took place on their platform. Their fraud analyst team leverages the Explore and Review dashboards within the Sift console to gain insight on users and their actions, and identify risky behaviors between accounts. They also utilize the Workflows feature to quickly build rules off of the real-time risk assessments provided by Sift that can be easily adjusted as business and fraud trends changed—all with little-to-no coding. Uphold also recently expanded their relationship with Sift and began using the Dispute Management product to reduce chargebacks, win more disputes, and boost efficiency.

Impact #1	Streamlined and simplified the review process for their team of fraud analysts.
Impact #2	Reduced friction for trustworthy users.
Impact #3	Dynamically applied friction to the customer journey so that risky actions are reviewed while trustworthy transactions are fast-tracked, significantly lowering false positives and customer insult.

Impact #1

Streamlined and simplified the review process for their team of fraud analysts.

Impact #2

Reduced friction for trustworthy users.

Impact #3

Dynamically applied friction to the customer journey so that risky actions are reviewed while trustworthy transactions are fast-tracked, significantly lowering false positives and customer insult.

Benefit #1	Reduced credit card/ACH fraud rate to 0.01%
Benefit #2	Increased new user acceptance to 99%
Benefit #3	Saw a 10x increase in review capacity without the need to hire more analysts

Benefit #1

Reduced credit card/ACH fraud rate to 0.01%

Benefit #2

Increased new user acceptance to 99%

Benefit #3

Saw a 10x increase in review capacity without the need to hire more analysts

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Overview

How Uphold lowered fraud rates to 0.01% with Digital Trust & Safety

Operational Impact

Quantitative Benefit