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
Founded in 2011 by two former PayPal employees, Signifyd empowers merchants to conduct fearless commerce by leveraging big data, machine learning, and domain expertise. The platform protects merchants from the financial and operational risks associated with online transactions, such as fraudulent orders, chargebacks, and consumer abuse. This allows businesses to increase sales, open new markets, and optimize their revenue streams without the fear of significant financial losses.
Key Features and Functionality
Guaranteed Fraud Protection
Signifyd offers a 100% financial guarantee against fraud on approved orders. This feature uses machine learning and expert manual review to evaluate orders in real-time, providing instant decisions that allow merchants to ship orders confidently. Any fraud-related chargebacks on approved orders are reimbursed within 48 hours, including shipping and other fees.
Chargeback Recovery
Signifyd’s Chargeback Recovery is an end-to-end solution that addresses both fraud and non-fraud chargebacks. It helps merchants recover losses from chargebacks by aggregating and enriching data to create robust evidence packages for issuing banks. This service also includes connecting payment gateways and reviewing processes to ensure effective chargeback representment.
INR Protection
Signifyd provides protection against Item-Not-Received (INR) claims, which are a common type of chargeback. This feature ensures 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. Signifyd’s Seamless SCA solution authenticates customers without adding disruptive steps to the buying process, ensuring a smooth and secure transaction experience.
Automated Decisioning and Real-Time Insights
Signifyd uses automated decisioning powered by machine learning algorithms to evaluate orders in real-time. This allows for instant decisions on whether to approve or decline orders, minimizing the risk of fraud while maximizing the approval of legitimate orders.
Global Fraud Intelligence and Behavioral Analytics
The platform leverages global fraud intelligence and behavioral analytics to identify and mitigate fraud risks. This includes features such as order linking, device fingerprinting, identity verification, and geolocation tracking to ensure accurate and informed decision-making.
Customizable Rules Engine and Multi-Factor Authentication
Merchants can create custom policies and rules to align with their specific business needs. Additionally, Signifyd offers multi-factor authentication to enhance the security of transactions.
Integration and Compatibility
Signifyd integrates seamlessly with various ecommerce platforms such as BigCommerce, Magento, Salesforce Commerce Cloud, Shopify, and more. It also supports integration with payment gateways like PayPal, Stripe, and Shop Pay, making it versatile and easy to implement.
Insights Reporting and Fraud Analysis Dashboard
The platform provides detailed insights and reporting tools that help merchants identify trends and patterns of fraud before they occur. The fraud analysis dashboard offers a comprehensive view of transaction data, enabling proactive measures against potential threats.
Benefits
- Friction-Free Buying Experience: Signifyd ensures that legitimate orders are approved quickly, enhancing customer satisfaction and reducing the likelihood of cart abandonment.
- Revenue Optimization: By minimizing chargebacks and approving more good orders, merchants can optimize their revenue streams.
- Risk Reduction: The platform shifts the liability for fraud away from merchants, allowing them to operate with reduced risk.
- Operational Efficiency: Automated decisioning and back-office automation save time and resources, enabling merchants to focus on growing their business.
In summary, Signifyd is a robust ecommerce protection platform that combines advanced machine learning, big data, and domain expertise to protect merchants from fraud and consumer abuse, while ensuring a seamless and secure buying experience for their customers.