Sift to Acquire Chargeback, Providing Merchants With Complete Protection Against Payment Fraud
Combined companies offer unified solution to defend against both true and friendly fraud
SAN FRANCISCO and SALT LAKE CITY, May 25, 2021 (GLOBE NEWSWIRE) -- Sift, the leader in Digital Trust & Safety, today announced that it has signed a definitive agreement to acquire Chargeback, the pioneer in real-time dispute management for merchants. The two companies are coming together as both e-commerce growth and payment fraud are accelerating, and as the Fraud Economy—the sophisticated and interconnected network of cybercriminals and their methods—has rapidly expanded.
With the addition of Chargeback to Sift’s platform, merchants will gain access to a complete solution that addresses risk before, during, and after user transactions. Specifically, the two companies prevent both “true” fraud, which occurs when stolen credentials or payment information is used to make purchases, as well as “friendly” fraud, which occurs when consumers make false chargeback claims to their payment providers (e.g., about undelivered or unsatisfactory merchandise).
Additionally, Chargeback’s pre-built connector within the Sift Connect integration hub adds to the rich data from integrations with leading payment service providers (PSPs) already available in the Sift App Gallery. Using Sift with the Chargeback connector provides trust and safety teams with an end-to-end view of transactions from account creation to dispute resolution—enabling them to retain revenue with higher acceptance rates, lower dispute rates, and use Sift as their central nervous system for fighting fraud.
“Preventing chargeback fraud is the critical ‘last mile’ of stopping payment fraud entirely,” said Marc Olesen, President & CEO of Sift. “With the addition of Chargeback’s team, technology, and partners, our customers gain a true hub for fighting all types of fraud and abuse while creating a more seamless experience. We’re excited to continue working together as we help our customers implement their Digital Trust & Safety strategies.”
“As a longtime Sift partner, we’ve seen how effective full fraud coverage has been for joint customers using Chargeback’s integration with Sift,” said John Munro, CEO of Chargeback. “Now, as one company, we have an incredible opportunity to provide a single solution to merchants so they grow with less risk.”
Sift customers interested in learning more about Chargeback’s real-time dispute management technology can go here.
Sift is the leader in Digital Trust & Safety, empowering digital disruptors to Fortune 500 companies to unlock new revenue without risk. Sift dynamically prevents fraud and abuse through industry-leading technology and expertise, an unrivaled global data network of 70 billion events per month, and a commitment to long-term customer partnerships. Global brands such as Twitter, Airbnb, and Twilio rely on Sift to gain competitive advantage in their markets. Visit us at sift.com and follow us on Twitter @GetSift.
Chargeback is redefining dispute management through an SaaS-based platform that helps businesses recover lost time and revenue while transforming any negative customer interaction into one that drives brand loyalty and increases acceptance rates. Chargeback is an enterprise-grade solution in use by hundreds of companies worldwide.
Director of Corporate Communications, Sift