Sift, the leader in Digital Trust & Safety, announced the launch of Workflow Simulation, a new innovation that makes it significantly easier to drive fraud performance with on-demand, drill-down insights to guide automation improvements in a simulated environment.
While automation is crucial for scaling fraud prevention and improving customer experience, it can be complex and resource-intensive to optimize. Sift’s platform provides tailored Workflows, a dynamic and Machine Learning (ML)-based advancement to traditional rules-based fraud detection, that empowers greater flexibility and simplicity. Now, with Workflow Simulation, an evolution of Workflow Backtesting released earlier this year, businesses can move faster and more confidently with detailed data analysis to help pinpoint, test, and quantify the direct impacts of automation adjustments prior to implementation.
Key features of Workflow Simulation include:
- Visual based reports showing the direct impacts of fraud criteria changes on key performance indicators (e.g. approval rates, block rates, manual reviews, and more).
- Highly flexible testing configurations with the ability to add, remove, reorder, and edit existing automation routes—including ML scores.
- Drill-down insight to help more quickly spot fraud trends and identify how to drive additional automation improvements.
“The ability to adapt quickly to fraudulent activity is not just a benefit—it’s a necessity for business survival,” said Sift’s CTO, Neeraj Gupta. “Workflow Simulation is specifically designed to offer peace of mind and a strategic advantage for digital risk teams, allowing them to implement changes with confidence and precision, ensuring simultaneous growth and security.”
Some companies rely on costly third-party analytics tools or additional data science personnel to gain the kinds of insights Sift Workflows provide, but not all companies have these resources.
As a result, fraud teams are often forced to make high-risk automation changes or maintain a status quo that may leave companies with unnecessarily high block rates, chargeback costs, and customer experience friction points. The lack of proper tooling also makes teams slow to react to fraud trends—all at a cost to the company’s revenue. Workflow Simulation empowers these teams to take decisive, informed action without the need for significant additional resources.
“Workflow Simulation has made it easier for us to meet our SLAs and has given us the ability to pinpoint how to optimize our automation with data-backed confidence,” said Derek Shull, Fraud Manager, Strategy & Analytics at Poshmark. “What’s more, this offering has replaced what we formerly did with a third-party BI tool by incorporating Workflow Simulation’s on-demand insights directly within the Sift Console.”
This release is particularly timely as businesses go through the holiday season, a critical period for revenue that also sees an increase in fraud attempts: Sift’s customer network of over 34k apps and sites recently revealed that account takeover attacks spiked 354% in November 2023 compared to the full-year average.
SOURCE: GlobeNewswire