How Uphold lowered fraud rates to 0.01% with Digital Trust & Safety
Customer Company Size
Large Corporate
Country
- Worldwide
Product
- Sift Payment Protection
- Sift Account Defense
- Sift Dispute Management
Tech Stack
- Machine Learning
- Data Analytics
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Cost Savings
- Productivity Improvements
- Customer Satisfaction
Technology Category
- Analytics & Modeling - Real Time Analytics
Applicable Industries
- Finance & Insurance
Applicable Functions
- Business Operation
Use Cases
- Fraud Detection
Services
- Data Science Services
About The 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.
The 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.
The 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.
Operational Impact
Quantitative Benefit
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