How PayMongo minimized fraud losses and scaled securely by 10-20x
Company Size
11-200
Region
- Asia
Country
- Philippines
Product
- Sift Payment Protection
Tech Stack
- Machine Learning
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Cost Savings
- Customer Satisfaction
- Productivity Improvements
Technology Category
- Analytics & Modeling - Machine Learning
Applicable Industries
- Finance & Insurance
Applicable Functions
- Business Operation
Use Cases
- Fraud Detection
Services
- Data Science Services
About The Customer
PayMongo is a financial technology company that provides simple, modern payments for forward-thinking businesses. The company helps businesses in the Philippines accept online payments from multiple channels quickly and easily, in a matter of minutes. Their mission is to become the invisible engine of commerce that gives everyone the opportunity to participate and succeed in the rapidly transforming digital economy.
The Challenge
During the early stages of the company, PayMongo encountered fraud attacks that resulted in financial losses, including an alarming 4% dispute rate. It was crucial for the startup company to prevent this fraudulent activity in order to enable their merchants’ success and scale their own business. In their search for the perfect fraud solution, PayMongo was introduced to Sift at a Y Combinator event and agreed to an assessment. Following the review, PayMongo concluded Sift Payment Protection was an ideal fit for what they were looking for in a fraud tool.
The Solution
Members of PayMongo’s Fraud Operations team use Sift for transaction monitoring, case management, setting workflow rules, and routing payments. The team utilizes almost every feature of the Payment Protection product, including automated workflows to set up review queues, as well as create rules and thresholds. The team also relies heavily on insights within the console to monitor workflow metrics, reports, and team performance. Sift’s machine learning capabilities help PayMongo automatically block high-risk and possibly fraudulent transactions. The team tailor-fits workflows according to the observed fraudulent patterns on their platform and is able to update them as fraud trends evolve. For additional support, PayMongo consults with senior engineers, fraud experts, and others at Sift for guidance and consultation.
Operational Impact
Quantitative Benefit
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