Signifyd: Stay Ahead of Fraud with Advanced Technology
“Fearless Payments enables payment service providers to better serve their merchants by boosting their solutions and their transaction intelligence with Signifyd’s vast commerce network of thousands of merchants and leading machine learning decisioning capabilities,” Signifyd vice president of products Gayathri Somanath said.
Signifyd is an enterprise-grade fraud technology solution for e-commerce shops that is delivered as a SaaS service. Through a financial guarantee, it streamlines fraud detection, allowing firms to grow sales while lowering fraud losses. It was developed on the premise that e-commerce enterprises should be free to expand without fear of being defrauded. The solution addresses the issues that rising e-commerce enterprises regularly confront: billions of dollars in chargebacks, consumer discontent from incorrect rejects, and operational expenses due to time-consuming, manual transaction investigations. Signifyd's Account Protection system protects client accounts, as well as the sensitive financial information, gift card data, and loyalty points they hold, from fraudulent schemes and organized criminal rings. Signifyd generates a continually developing profile of each shopper inside our network by monitoring consumer behavior over time, allowing us to spot abnormalities in shopper behavior and block fraudulent conduct as a consequence of ATO in real-time. Payment optimization prioritizes user experience in a complicated and highly regulated payment environment, ensuring that nothing stands in the way of your consumers making a transaction. Signifyd gives banks the confidence to authorize orders that would otherwise be falsely declined and accept orders routed via exemption pathways for merchants adhering to regional SCA regulations by performing transaction risk analysis (TRA) pre-authorization and enriching orders sent out for authorization with data from the Commerce Network.
Abuse prevention combines merchant-set Decision Center policies with active monitoring of consumer chargebacks and proactive consulting on best practices for business processes and policies. Integration of chargeback data with payment gateways as well as an automated dispute of abusive chargebacks prevents future abuse without putting unwelcome friction into the shopping experience for legitimate customers. Signifyd Chargeback Recovery services automate processing chargebacks while delivering industry-leading revenue recovery performance.Signifyd monitors ATO patterns throughout our network to protect businesses from developing threats, using information on customer behavior from thousands of worldwide merchants. Signifyd collects valuable device and behavior datapoints such as device ID, IP address, speed of checkout, time of day, successive purchase patterns, and order value throughout the login to checkout process and compares this data to the consumer's digital footprint across the network to detect anomalies. Signifyd can correctly identify a fraudster from the genuine account holder by studying how a transaction goes from login to checkout, halting the transaction before the purchase is completed. Signifyd can correctly identify a fraudster from the genuine account holder by studying how a transaction goes from login to checkout, halting the transaction before the purchase is completed.
Another solution offered by Signifyd is seamless SCA. PSD2 compliance reforms are causing retailers all around Europe to shift gears. SCA requirements are intended to improve online payment security, but they also carry the danger of adding additional difficulty to the purchase process, increasing cart abandonment, lowering revenue, and providing a poor customer experience. But this does not have to be the case. Merchants can retake control of their checkout customer experience by removing needless friction and preserving their income with Signifyd's Seamless SCA solution. Reach higher SCA thresholds and apply more SCA exemptions with Signifyd’s advanced TRA and SCA Exemption Engine. Increase conversion rates by eliminating SCA induced cart abandonment and improving order approval rates by 1-3%. Obtain a complete liability shift on all exempted transactions. Keep a pulse on fraud risk at every step of the payments journey with Signifyd’s end to end commerce platform. Maintain a low fraud rate in order to detect fraudulent orders and enhance your fraud profile with issuing banks. Seamless SCA features are Identify fraudulent transactions using risk intelligence from the largest commerce network available. Ensure only the cleanest traffic is sent to banks for authorization. Identify which transactions fall within the scope of SCA and which qualify for exemptions while accessing the bank’s propensity to accept exemptions—all in real time. A frictionless experience doesn’t need to come with added risk. Signifyd includes a 100% financial guarantee on every exempt and out-of-scope transaction approved.
Rajesh Ramanand is the CEO and d Co-Founder of Signifyd. “Fearless Payments enables payment service providers to better serve their merchants by boosting their solutions and their transaction intelligence with Signifyd’s vast commerce network of thousands of merchants and leading machine learning decisioning capabilities,” Signifyd vice president of products Gayathri Somanath said. Signifyd is located in San Jose, California, in the United States. Signifyd has 24 investors, including the Canada Pension Plan Investment Board and FIS, and has raised more than $390 million.