Signifyd Product Overview
Signifyd is a comprehensive commerce protection platform designed to safeguard ecommerce merchants from fraud, consumer abuse, and revenue loss, while ensuring a friction-free buying experience for their customers.
What Signifyd Does
Signifyd empowers merchants to conduct fearless commerce by providing an end-to-end protection solution. Founded by former PayPal employees in 2011, the platform leverages big data, machine learning, and expert manual review to protect merchants from various types of fraud and consumer abuse. This approach allows businesses to increase sales, open new markets, and reduce operational risks associated with fraudulent transactions.
Key Features and Functionality
1. Guaranteed Fraud Protection
Signifyd offers a financial guarantee against fraud on approved orders, shifting the liability for fraud away from the merchants. This feature uses advanced machine learning and expert manual review to evaluate orders in real-time, ensuring that legitimate orders are not declined unnecessarily.
2. Chargeback Recovery
The platform provides an end-to-end chargeback solution, addressing both fraud and non-fraud chargebacks. This includes handling chargebacks filed for claims such as items not received or not matching their descriptions, helping retailers recover lost revenue and maintain customer satisfaction.
3. Signifyd Seamless SCA
This feature ensures compliance with the Strong Customer Authentication (SCA) requirements under PSD2 for European retailers. It authenticates customers without additional steps, using the three pillars of SCA: something the buyer has, something the buyer knows, and something the buyer is.
4. Automated Decisioning and Real-Time Insights
Signifyd’s platform automates fraud prevention through real-time machine learning, providing instant decisions on whether to approve or decline orders. This automation helps in streamlining the fulfillment process and enhancing the overall customer experience.
5. Global Fraud Intelligence and Behavioral Analytics
The platform utilizes global fraud intelligence and behavioral analytics to identify and prevent fraudulent transactions. It also includes features like device fingerprinting, identity verification, and geolocation tracking to enhance the accuracy of fraud detection.
6. Customizable Rules Engine and Multi-Factor Authentication
Merchants can create custom policies and integrate them with their fulfillment processes using the Decision Center module. The platform also supports multi-factor authentication to add an extra layer of security to transactions.
7. Order Linking and Transaction Scoring
Signifyd’s Order Linking feature connects related orders to identify potential fraud patterns, while Transaction Scoring evaluates each transaction based on various risk factors to provide a comprehensive risk assessment.
8. Fraud Analysis Dashboard and Insights Reporting
The platform offers a fraud analysis dashboard and insights reporting tools that help merchants identify trends and patterns of fraud before they occur. This enables proactive measures to prevent future fraud incidents.
9. API Integration and Payment Gateway Compatibility
Signifyd integrates seamlessly with various payment gateways such as PayPal, Stripe, and Shop Pay, and also supports API integration for easy integration with existing systems.
Benefits
- Friction-Free Buying Experience: Signifyd ensures that legitimate customers are not frustrated by checkout delays or declined orders, enhancing customer satisfaction.
- Revenue Optimization: By approving more good orders and reducing chargeback losses, merchants can optimize their revenue and grow their business fearlessly.
- Risk Reduction: The platform shifts the liability for fraud away from merchants, reducing the risk associated with fraudulent transactions.
- Operational Efficiency: Automation of fraud prevention and fulfillment processes saves time and resources, allowing merchants to focus on growing their business.
In summary, Signifyd is a robust ecommerce protection platform that combines advanced machine learning, global fraud intelligence, and automated decisioning to protect merchants from fraud and consumer abuse, while ensuring a seamless and secure buying experience for their customers.