Safely sending millions of dollars overseas every month
Company Size
200-1,000
Region
- America
- Asia
Country
- Philippines
- United States
Product
- Sift Score API
- Sift Insights Dashboard
Tech Stack
- API Integration
- Machine Learning
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Cost Savings
- Productivity Improvements
Technology Category
- Analytics & Modeling - Machine Learning
- Application Infrastructure & Middleware - API Integration & Management
Applicable Industries
- Finance & Insurance
Applicable Functions
- Business Operation
Use Cases
- Fraud Detection
Services
- Data Science Services
About The Customer
Remitly is a company that provides a platform for customers to transfer money internationally. The company's mission is to build modern solutions that empower people to send money and interact more personally. Customers can send money to their loved ones back home, all online and using their mobile phone. Money can be sent or picked up at over 10,000 locations or deposited directly into a bank – all in under two minutes. The company offers a bold 100% money back guarantee, which requires them to ensure that each transfer is reviewed systematically with rigorous investigation.
The Challenge
Remitly, a company that enables customers to transfer money internationally, was facing a significant challenge with fraud. As the company expanded its services in the Philippines, fraud activity increased. The company's risk team, despite having several years of fraud investigator experience, was overwhelmed with the volume of data they had to review. They had set up 80-100 rules to capture suspicious activity, but scaling was proving to be a challenge. The system they were using was also incapable of learning from the company's data.
The Solution
Remitly integrated Sift's score API into its review workflow. Using the Insights Dashboard, Remitly settled on a risk score threshold that was right for them. They also used Sift’s customizable alerts to add review tasks in the work queue. The Sift Score helped the team tip the scale in the decision making process. Over time, the scoring mechanism started to detect more nuanced fraud patterns. Remitly was able to rely less on its complicated rules engine and started to see improvement. Nate Spanier, Director of Operations at Remitly, emphasized that in order to really get the maximum benefits of integrating with Sift, customers will need to commit to managing their data.
Operational Impact
Quantitative Benefit
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