Sift to acquire Chargeback to stifle e-commerce fraud

As both e-commerce and payment fraud accelerate, Sift is strengthening its digital protection platform by acquiring real-time dispute management provider Chargeback.

San Francisco-based Sift has signed a definitive agreement to buy Chargeback, putting in place a platform to allow merchants to address risk before, during and after transactions.

Specifically, the companies say they want to prevent true fraud, which occurs when stolen credentials or payment information is used to make purchases, as well as friendly fraud, which is when consumers make false chargeback claims to their payment providers.

“Preventing chargeback fraud is the critical ‘last mile’ of stopping payment fraud entirely,” Marc Olesen, president and CEO of Sift, said in a Tuesday press release. “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 and safety strategies.”

Chargeback’s pre-built connector within the Sift Connect integration hub adds data from integrations with leading payment service providers already available in the Sift App Gallery.

The process allows an end-to-end view of transactions from account creation to dispute resolution, designed to result in higher acceptance rates, lower dispute rates and putting the Sift system in the forefront of fraud protection.

“As a longtime Sift partner, we’ve seen how effective full fraud coverage has been for joint customers using Chargeback’s integration with Sift,” John Munro, CEO of Salt Lake City-based Chargeback, said in the release. “Now, as one company, we have an incredible opportunity to provide a single solution to merchants so they grow with less risk.”

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