How Sift enabled Banxa to securely scale by 30x
Banxa, a crypto exchange, has encountered multiple fraud scenarios, including fake profile creation, card fraud, scams, and chargebacks. Initially, Banxa set up their own fraud function from scratch, and built fraud rules into this system to manually review orders using basic variables for customers, demographics, and payment methods.
As Banxa began to grow, this basic model became too limited for their needs. It introduced unwanted friction for trusted customers and became riskier when incorporating multiple variables and increased velocity. So when Banxa’s fraud volume spiked 30x, their fraud rate rose alongside it.
The team knew they needed to implement something quickly to support their scaling business, which is where Sift came in. The fraud ops team worked with a consultant specializing in fraud and payments to find the right tool for their needs, focusing on a criteria of cost, usability, and ability to scale.
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