Industry’s First Deployment of Social Graph Data Stream Correctly Identifies Fraudulent Transactions in Real-Time; Provides Merchants a New Dimension to Combat ecommerce Fraud
Signifyd, the first fraud prevention company to incorporate social graph data into its platform, announced today that it received the Merchant Risk Council’s (MRC) 2013 Emerging Technology Award (METAward) in the startup company category. This new dimension of using the social graph to prevent fraudulent online transactions finally offers the missing link to completing a holistic review of a payment transaction. METAward finalists Signifyd, Sift Science and Curaxian were evaluated by MRC merchants and solution providers for their innovation, potential for deployment, impact and relevance. Past winners of the METAward for a startup company included SilverTail Systems (recently acquired by EMC™).
Signifyd’s unique fraud prevention platform is the industry’s first automated solution that links (in a matter of milliseconds) social graph data (Facebook™, Linkedin™, Twitter™, Klout™, etc.) with hundreds of data sources such as public records, address lookups, geo-location, maps, search engines, devices, bank information and other forms of data to determine the riskiness of an ecommerce transaction. For merchants, Signifyd provides a social score and a whole list of new social attributes associated with their transactions.
“Winning the prestigious 2013 Merchant Risk Council’s Emerging Technology Startup Company award is significant industry validation that Signifyd’s revolutionary anti-fraud product is transforming the risk management market space and providing online merchants a way to reduce friction for their legitimate and highly valued customers and dramatically reducing chargebacks,” said Rajesh Ramanand, CEO and co-founder of Signifyd. “Unlike any other product in the market, Signifyd can instantly connect the dots between all the parties involved in a transaction. Since winning the MRC METAward, we’ve had a flood of interest from Fortune 1000 merchants and every engagement has been extremely successful.”
“The Merchant Risk Council’s annual METAwards honors and celebrates successful innovation and the newest technologies in the eCommerce industry,” said Tom Donlea, MRC’s Managing Director for the Americas. “Social data is becoming more important for our merchant members as it can take as long as 30 minutes comparing raw data from multiple social sites to determine whether or not to approve a suspected fraudulent transaction. Signifyd was selected as a finalist by a panel of leaders from prominent global eCommerce and multi-channel retailers. Their MRC METAward recognition is hard-earned and well-deserved.”
“Every new risk technology was built upon a new data layer – device fingerprinting on device data, ip-geo-location mismatches on IP data, NAP checks on public records and more,“ said Raj Ramanand. “We believe the next generation of risk technology will be around context detection (i.e. the ability to determine the intent or context of a transaction). The new underlying data layer to make context detection possible will be the Social Graph. That is what we’re building at Signifyd – using the Social Graph to fight fraud – and we’re excited about what that can do to protect our merchants.”
It’s easy to get started with Signifyd. To signup and/or learn more about our product and unique Social Graph functionality, please visit https://www.signifyd.com.
Headquartered in Palo Alto, CA, Signifyd was founded in 2011 by a team of veteran risk and fraud experts from PayPal to help online businesses prevent payment fraud. As the only full-service payment validation platform, Signifyd is in use by multiple companies on the Fortune 100 and Internet Retailer Top 500 list. The Company is backed by top tier Silicon Valley Venture Capitalists from Andreessen Horowitz, Data Collective, IA Ventures, QED Investors, Resolute.VC and Tekton Ventures. Learn more at www.signifyd.com.
About the Merchant Risk Council:
The Merchant Risk Council (MRC) is a merchant-led non-profit trade association focused on electronic commerce risk and payments globally. The MRC leads industry networking, education, benchmarking and advocacy programs to make electronic commerce more efficient, safe and profitable. Headquartered in Seattle, Washington, the MRC has a European office in Madrid, Spain. Learn more at www.merchantriskcouncil.org.