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Sift > Case Studies > How Sift helps CoinJar protect $300M+ in crypto assets
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How Sift helps CoinJar protect $300M+ in crypto assets

Technology Category
  • Analytics & Modeling - Machine Learning
Applicable Industries
  • Finance & Insurance
Applicable Functions
  • Discrete Manufacturing
Use Cases
  • Fraud Detection
Services
  • Data Science Services
The Challenge
CoinJar, a well-established digital currency exchange, was facing challenges with identity fraud, chargebacks, and account takeover. Being an online-only platform, it was crucial for CoinJar to have an effective online identity assurance program. The irreversible nature of crypto transactions and the anonymity provided by digital currencies made it a prime target for fraudsters. The company needed a solution that could adapt in real-time and provide effective fraud prevention.
About The Customer
CoinJar is one of the most well-established, longest-running digital currency exchanges in the world. Founded in 2013, the platform has enabled over 500k online users to buy, sell, store, and spend cryptocurrencies. With over USD $2B traded and $300M+ assets under custody, protecting users and their holdings is critical. The company operates entirely online, making it extremely important to have an effective and efficient online identity assurance program in place.
The Solution
CoinJar turned to Sift for its adaptable, real-time machine learning capabilities. Sift's customizable models and seamless integration with CoinJar’s existing tech stack allowed the company to prevent payment fraud and account takeover while delivering fast, simple experiences to its users. Sift's machine learning models adapt in real time, using data from Sift’s vast merchant network of 34,000+ sites and apps and over 60B global signals. This helped CoinJar to surface and reduce the risk of account takeover and payment fraud.
Operational Impact
  • Sift's powerful suite of tools has helped CoinJar prevent fraud with significantly enhanced accuracy and improved decision-making.
  • With key insights into IP locations, account sharing, and device usage, Sift streamlined CoinJar’s fraud identification process and user journey.
  • Sift also enables CoinJar to identify unusual patterns of behavior across a single account or multiple accounts.
Quantitative Benefit
  • Reduce average, daily time spent on manual review by ~50%
  • 133% return on investment
  • Saved compliance officers an average of 4 hours per day in manual detection, verification, and review

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