How GetMyBoat fought chargebacks and coordinated fraud rings
Company Size
1,000+
Country
- United States
- Worldwide
Product
- Sift Digital Trust & Safety
Tech Stack
- Machine Learning
- Real-time Scoring
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Customer Satisfaction
- Revenue Growth
Technology Category
- Analytics & Modeling - Real Time Analytics
Applicable Industries
- Marine & Shipping
Applicable Functions
- Business Operation
- Sales & Marketing
Use Cases
- Fraud Detection
Services
- Cybersecurity Services
About The Customer
GetMyBoat is the world's largest and fastest-growing boat rental and charter marketplace. It offers millions of customers a secure and easy way to book boat rentals, jet skis, yachts, pontoon boats, and fishing charters, among others. With over 140,000 listings in 184 countries covering 9,300 destinations, GetMyBoat is the premier international boat rental and water experience marketplace. The company is on a mission to open up the world of boating for both renters and owners, providing boating enthusiasts with the benefits of worldwide inventory without the cost or hassle of ownership. With the average boat only being used 8% of the year, the marketplace offers boat owners the opportunity to earn extra income and list their watercraft free of charge. The marketplace is also committed to a top-notch customer experience, providing 24/7 customer service, renter identity verification, and fraud protection for secure online payments.
The Challenge
GetMyBoat, the world's largest boat rental and charter marketplace, was facing a significant challenge with fraudsters. These cybercriminals were coordinating efforts to exploit the platform for their own financial gain. They would transact in small amounts to test the system and then use associated accounts to complete higher value reservations. The company was also experiencing an increase in chargebacks, which were costing the business resources, time, and money. These chargebacks were in the form of friendly fraud, where customers try to get a refund for a service they already used, and common fraud, through stolen credit card credentials. The company needed a solution to combat these issues and turned to Sift for help.
The Solution
Sift provided GetMyBoat with access to its patented, custom machine learning models and real-time scoring based on over 16,000 signals, as well as a global network of more than 34,000 sites and apps. This wealth of data allowed GetMyBoat to track customers and determine whether they were tied to high-risk accounts by cross-referencing IP addresses, device fingerprints, and phone numbers. The company was able to uncover coordinated fraud efforts and decide more quickly and accurately which accounts to ban or suspend. When a suspicious user was detected through the Sift Console, GetMyBoat could request proof of identity, such as a driver’s license or identification card, to verify the customer. This additional level of verification enabled the company to catch fake IDs and shut down fraudulent accounts before suffering any monetary losses.
Operational Impact
Quantitative Benefit
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