Both Sift and SEON have seen immense growth in recent years, see how the two compare and which will work best for your company in the fight against fraud with this comparison article.
Disclaimer: Everything written about the companies mentioned in this article was gleaned from online research including user reviews. We did not have time to manually test all the tools. However, we ensured the information was correct as of spring 2022. Feel free to contact us to request an update/correction.
Sift provides fraud prevention tools to minimize financial loss and brand damage through one single portal. Founded in 2011, the company has grown over the decade to a point where in April 2021 they raised $50m to go over a company valuation of $1 billion.
They were supported in its early stages through seed money startup accelerator Y Combinator and now work with more than 34,000 sites and apps including Airbnb, McDonald’s and Doordash.
Sift Key products
Sift’s main offering is its Digital Trust and Safety Suite, which encompasses all of their individual APIs to stop fraud, streamline operations and boost revenue.
Account Defense is their account takeover (ATO) specific module that protects user accounts through machine learning with the ability to apply 2FA where necessary.
Their Payment Protection product uses data from their global network to train its machine learning models to analyze a given data point all in real-time, with an emphasis on automation.
Sift also offers a Dispute Management module which looks to minimize chargeback risk and a Content Integrity product that blocks spam, scams, and other malicious content to safeguard the integrity of a given platform.
Pros of Sift
Cover most key areas of fraud including a specialised chargeback module.
Affordable long term contracts to help lift the pressure of your operations through its Digital Trust and Safety Suite.
A range of products that goes beyond just fraud with its Content Integrity product for businesses that work on developing online communities.
Utilizing blackbox AI allows for lots of volume to be analyzed with next to no input from the user side, more tailored for those handling mass amounts of transactions.
Cons of Sift
Blackbox AI models do not allow as much insight into how a decision on a given transaction was reached or the journey of the customer.
Furthermore, due to its blackbox model, there is a lack of machine learning suggestions or advice tailored to the data it’s receiving creating room for more false positives.
No access to real-time social media lookups, therefore harming your ability to understand the customer. It is worth noting that data can quickly become stale or be relatively limited for emerging markets.
Despite offering individual APIs, these are not available to be applied with other Sift products thus creating a lack of flexibility with your risk management stack.
No free trial availability.
Compare SEON’s solution to Sift
Book a demo and watch us in real time to see us in action
You are looking for a similar tool that analyzes data but provides more flexibility to optimize your revenue. Create detailed customer profiles with our social media lookup tool which is especially useful if your business is entering emerging markets where existing data can be limited.
Choose Sift if
You are seeking a fraud prevention product that analyzes mass amounts of transaction data and takes the majority of the heavy lifting off your hands.