Sift

Sift was founded in 2011 by Jason Tan and Sadaf Munshi, based on the observation that online businesses, particularly e-commerce merchants and other digital platforms processing significant transaction volume, face a wide range of fraud and abuse risks, including stolen credit card payment fraud, account takeover attacks in which criminals gain unauthorized access to legitimate customer accounts, and various other forms of digital abuse such as fake account creation and content abuse, but that many businesses historically relied on relatively simple, static rules-based fraud detection systems that struggled to adapt quickly to fraudsters' constantly evolving tactics. Sift's platform uses machine learning models trained on a very large, shared dataset of fraud and abuse patterns observed across its many customers' businesses, since fraudsters frequently target multiple different online businesses using similar techniques, letting Sift's models benefit from a much broader view of emerging fraud patterns than any single business's own transaction history alone could provide, to identify and flag suspicious transactions, account activity, and other behavior with the goal of catching genuine fraud and abuse while minimizing false positives that could incorrectly block legitimate customers, a persistent tension in fraud detection given the significant business cost of both under-catching actual fraud and over-blocking legitimate customer activity. The company's technology addresses several distinct but related types of digital fraud and abuse, including payment fraud during checkout, account takeover attempts where a fraudster tries to access an existing legitimate customer's account, and broader "trust and safety" concerns such as fake account creation, content abuse, and various other forms of platform abuse that many online marketplaces, social platforms, and other digital businesses need to manage beyond only payment-specific fraud. Sift's customers span e-commerce merchants, marketplaces, and other online platforms across many industries facing significant fraud and digital abuse risk given their online, remote transaction and interaction models. The company has raised substantial venture funding from investors including Insight Partners, Stripes, and Union Square Ventures, reaching a valuation exceeding $1.5 billion, competing with other fraud prevention platforms including Forter and Riskified.

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