How Chicago Music Exchange achieved 13.7x ROI with Sift
Company Size
200-1,000
Region
- America
Country
- United States
Product
- Sift Payment Protection
Tech Stack
- Shopify
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Cost Savings
- Revenue Growth
Technology Category
- Cybersecurity & Privacy - Application Security
Applicable Industries
- Retail
Applicable Functions
- Business Operation
- Sales & Marketing
Use Cases
- Fraud Detection
Services
- Cybersecurity Services
About The Customer
Chicago Music Exchange is an industry leader in music equipment and expertise, striving to help musicians buy, sell, and trade gear at fair prices. The retailer is widely recognized as a go-to source for premiere vintage, new, and used music equipment, with some of the most knowledgeable vintage experts in the industry. For over 30 years, Chicago Music Exchange has been on a mission to provide the finest selection of guitars, amps, bass guitars, effects, and novelty musical instruments in the world, along with rockstar customer service.
The Challenge
Chicago Music Exchange (CME), a leading music equipment retailer, faced a significant challenge with fraudulent orders after switching their website platform provider. They encountered fraudsters placing small to medium-value orders to test the system before moving to higher-value items. Once a fraudulent order got through, it was easy for these cybercriminals to create fraudulent new accounts and multiply their gains. CME had particular difficulty with orders sent to freight forwarding companies, which required an added level of verification to authenticate the transactions and addresses. This meant that CME had to manually contact the customer or research the shipping address, which was time-consuming and not always effective. This was particularly true for more complicated overseas orders, and every time, CME was left to handle the loss.
The Solution
Chicago Music Exchange implemented the Sift Payment Protection product and Shopify integration to combat fraudulent orders. With Sift, CME is able to look at email address creation dates and send new account alerts to stay a step ahead of fraud. CME has found the data available with Sift to be crucial in fighting fraud, using IP addresses and billing/shipping address inconsistencies as key indicators of risk. This assists CME in their daily business processes of being able to hold orders, contact customers, and verify documentation. Sift gives CME an in-depth look at orders that are for a high dollar value and that come in with high scores, so the team is able to make quick and educated determinations. CME utilizes the Shopify integration to create a frictionless shopping experience for legitimate customers, helping to drive revenue while reducing risk. Within the Shopify and Sift solution, CME is able to compare customers’ transaction history from Shopify with data from Sift to get a full picture of who their customers are and which transactions might be fraudulent.
Operational Impact
Quantitative Benefit
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