October 12, 2016
Sourabh Kothari
Sourabh is the Director of Merchant Advocacy at Signifyd, where he brings over 18 years of experience defining, designing and delivering content through stories, events and video.

Signifyd COO and Co-Founder Michael Liberty Discusses Machine Learning and Fraud Prevention with PaymentsSource

In a recent interview with David Heun at PaymentsSource, Signifyd’s COO and co-founder Michael Liberty discusses the significance of machine learning for e-commerce fraud prevention.

Liberty begins by clarifying Artificial Intelligence as more than automated, decision-making processes consisting of both traditional, rules-based screening systems and machine learning tools that acquire knowledge and determine new outcomes and results. Signifyd’s real-time machine learning screens and offers a viable, convenient, guaranteed alternative to e-commerce businesses who simply can’t provide the same level of attention to each transaction.

Also interviewed is Jay Sung, CEO of EcoReco Scooter (a Signifyd customer), who design, produce and sell top-of-the-line electric scooters. Sung describes his experience when EcoReco began and how they suffered a high amount of fraudulent orders. Signifyd helped the company recover 5% to 10% of lost sales and completely eliminated fraud for the company by accepting liability on any fraudulent chargebacks.

Liberty calls this path to freedom from financial burden a “two-way street” dependent on customer feedback for machine learning to really succeed. Feedback flows freely with Signifyd’s customers because Signifyd covers any losses from fraudulent orders and thus all negative results are reincorporated to improve their machine learning. “That is a critical step to close that loop,” says Liberty, “if you want to apply machine learning to this domain. Plus, it’s an interesting positive effect of our business model.”

The full article is available here on PaymentsSource.

David Heun regularly  provides coverage of breaking stories, industry trends and interesting companies in the payments space. PaymentsSource provides comprehensive coverage of the global payments industry with breaking news and in-depth analysis by industry experts.


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Signifyd’s Reimbursement Policy

What’s Covered

We cover chargebacks connected with fraud or unauthorized charges, often due to:

  • Stolen account information (account takeover)

  • Stolen financial information

What’s Not Covered

We do not cover chargebacks due to errors made by the merchant, card processor, or shipper, like:

  • Item not received, not as described, or defective/broken

  • Refund not processed

  • Duplicate charges

As long as the chargeback meets the above criteria, we'll cover it and reimburse the full chargeback amount, plus any associated fees.