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 leveraging big data, machine learning, and domain expertise. Founded by former PayPal employees in 2011, the platform addresses the unique challenges faced by online retailers, who are typically liable for fraudulent transactions and other forms of consumer abuse. Signifyd’s solution shifts this liability away from merchants, allowing them to increase sales, open new markets, and reduce operational risks.
Key Features and Functionality
Guaranteed Fraud Protection
Signifyd offers a 100% financial guarantee against fraud on approved orders. This feature integrates with common ecommerce platforms like BigCommerce, Magento, Salesforce Commerce Cloud, and Shopify via ready-made plugins or API. It provides instant decisions on 99.5% of orders, ensuring that legitimate transactions are not delayed or declined unnecessarily. Any fraud-related chargebacks on guaranteed orders are reimbursed within 48 hours, including shipping and other fees.
Chargeback Recovery
Signifyd’s Chargeback Recovery is the first end-to-end solution for addressing both fraud and non-fraud chargebacks. It helps merchants recover from chargebacks filed for reasons such as items not received or not matching descriptions. The platform aggregates and enriches order and fulfillment data to create robust evidence packages for representment to issuing banks.
INR Protection
Signifyd provides protection against Item-Not-Received (INR) claims, ensuring that merchants are covered in cases where customers claim they did not receive their orders.
Seamless SCA (Strong Customer Authentication)
This feature meets the strong customer authentication requirements under PSD2 for European retailers. It authenticates customers without adding disruptive steps to the buying process, using the three pillars of SCA: something the buyer has, something the buyer knows, and something the buyer is.
Automated Decisioning and Machine Learning
Signifyd uses advanced machine learning algorithms to automate decision-making processes. This includes real-time transaction scoring, behavioral analytics, and device fingerprinting to distinguish between fraudulent and legitimate orders.
Global Fraud Intelligence
The platform leverages a vast network of over 10,000 merchants in more than 100 countries, providing a rich source of global fraud intelligence. This intelligence helps in identifying and mitigating fraud patterns before they become significant issues.
Order Linking and Identity Verification
Signifyd’s order linking feature connects related transactions to identify potential fraud patterns, while its identity verification tools ensure that customers are who they claim to be.
Customizable Rules Engine and Multi-Factor Authentication
Merchants can create custom policies and rules to align with their specific business needs. The platform also supports multi-factor authentication to add an extra layer of security to transactions.
Insights Reporting and Fraud Analysis Dashboard
Signifyd provides detailed insights and reporting tools that help merchants identify trends and patterns of fraud. The fraud analysis dashboard offers real-time insights, enabling proactive measures against potential threats.
Integration and Customer Support
The platform integrates seamlessly with various payment gateways and ecommerce platforms. It also offers comprehensive customer support and fraud prevention training to help merchants optimize their use of the platform.
Conclusion
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 enhancing the overall buying experience for their customers.