Sift, a San Francisco provider of digital trust and safety software, is acquiring Chargeback. Salt Lake City-based Chargeback produces real-time dispute management solutions 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,” Sift said in a release.
With the addition of Chargeback to Sift’s platform, merchants will gain access to a 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.
“Preventing chargeback fraud is the critical ‘last mile’ of stopping payment fraud entirely,” said Marc Olesen, president and 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 and 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.”
Terms of the acquisition were not disclosed.