In a recent interview with Matt Lindner at Internet Retailer, Build.com’s Risk Specialist Jamie Ceccato outlined changes she and her team have made to eliminate fraud this holiday season. As one of the fastest growing e-tailers and ranked No. 68 in the Internet Retailer 2016 Top 500 Guide, Build.com knows the holiday season is when fraud activity is at its peak and this year they’ve made changes to tackle and eliminate fraud by revamping their order evaluation process.
As Ceccato points out, their rules-based methodology simply wasn’t keeping up with changing fraud tactics, “The rule evaluations were set when the company was built and hadn’t evolved for any sort of change or trend.” Apart from missing fraudulent transactions rules-based systems are also prone to “false declines” which are legitimate orders mistakenly declined as fraudulent which reject new and loyal customers.
With Signifyd, Ceccato can leverage real-time machine learning across more than 5,000 merchants, which has saved her team dozens of hours every month since fraud is caught before orders are approved. Signifyd also provides a 100% financial guarantee against fraud for every approved order so Build.com is covered should any fraudulent orders slip through.
Ceccato is excited by the combined savings for her team and Build.com, “It has helped us in terms of time management because there was a lot of manual work before. It’s saved us time, it’s saved us money and it’s saved us on the turnaround time for order processing.”
This holiday season will be the largest ever for online sales and also for online fraud. Signifyd looks forward to working with customers like Build.com to ensure they can keep every dollar of revenue they’ve earned throughout the holidays and in 2017.
The full article is available here on Internet Retailer.
Matt Lindner is an Associate Editor at Internet Retailer. Internet Retailer is a leading digital magazine providing comprehensive coverage of the ecommerce industry with breaking news and in-depth analysis by industry experts.