Case Study: How Sift Enabled Banxa to Securely Scale by 30x
Key results
The challenge
Banxa, a payments and compliance infrastructure provider for the digital asset industry, initially built its own fraud function and handled everything manually with rules suited to lower volumes. As the company grew and its volume spiked 30x, the manual model became too limited, introducing friction for trusted customers while its fraud rate rose alongside the growth.
The solution
Banxa built its fraud operations around Sift Payment Protection, using Sift's device intelligence and user session tracking to protect order creation and its machine-learning and data-science capabilities to automatically accept, hold, verify, or decline orders based on routing and rules.
“Sift has helped us stabilize our fraud and chargeback rates so we feel in control and in the driver's seat.”
IIgorHead of Fraud, Banxa
The results, in context
Sift helped Banxa auto-block fraudulent activity and stabilize its fraud and chargeback rates, significantly reducing scam events. Banxa reports it would have taken 5x more resources to keep up with the volume without Sift, and the operational efficiency helped the business securely scale by 30x as its global team grew from 25 to 120+ in a year.