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Thirteen ways Signifyd has led the way in commerce protection

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When you hear someone say, “We don’t like to brag,” you know they either lack accomplishments or they lack honesty.

Everybody likes to brag. But as the omnipresent “they” say, “It’s not bragging if you can back it up.” So, now that Signifyd is in its 12th year of deploying machine learning for protecting commerce, we’d like to take a progress lap.

“Progress,” not “victory” lap, because there is more to come — much more. And in the commerce protection game, victory is never really complete. But, so you know: Signifyd has consistently led the way in innovative fraud and risk protection and in optimizing online payments. 

Signifyd pioneered guaranteed fraud protection

Since its earliest days, launching machine-learning models to detect fraudulent orders and then backing its decisions with a financial guarantee, Signifyd has pioneered innovations that make life for retailers and others engaged in commerce less stressful and more profitable. 

Whether it was guaranteeing protection for ACH payments in 2018 or completely automating chargeback representment a few months later, or guaranteeing item-not-received protection in 2019, before guaranteeing all manner of chargebacks

Signifyd has listened to its customers and the market and gone to its workbench to produce the solutions they need for success. In the graphic below are 13 firsts that Signifyd has accomplished while protecting brands from online fraud and abuse.

Infographic laying out 13 innovative firsts pioneered by Signifyd

We have been humbled by our customers’ praise for our solutions and our agility in responding to a rapidly shifting industry. We’ve been proud of the accolades we’ve gathered from industry analysts and publications. We’ve been grateful for the support demonstrated by our investors.

And to be honest, we’ve been flattered by our competitors’ attempts to match our innovation after the fact with their words — if not always by their deeds. 

Signifyd never stops building the future

We could go on. Well, we did go on. When it was becoming evident that for ecommerce to really flourish, authorization rates needed an overhaul — that too many good orders were being denied at the financial institution authorization stage — Signifyd launched Authorization Rate Optimization.

The solution applied Signifyd’s automated order review to transactions before reaching the authorization stage. The innovation meant  — more good orders reached banks saving merchants from paying fees on orders that would never materialize. And the solution improved merchants’ standing with financial institutions by sending a much higher percentage of clean transactions for authorization.  

As fraud rings gained in sophistication and focused more intensely on vulnerabilities beyond the checkout stage, Signifyd launched Decision Center, a not-so-secret weapon against policy abuse involving returns, promotions and reselling. Decision Center allows merchants to customize the response to transactions and requests based on the level of risk such transactions and requests bring. 

Decision Center protects merchants from non-payment fraud

With Decision Center, merchants can get automated recommendations on how to handle a return request, for instance. That way, a retailer can confidently issue an instant return to a loyal customer while waiting to inspect the returned item involved in a refund request that arrives with red flags. 

As the COVID pandemic made it evident that the dominance of online commerce in retail would arrive years before it was once thought, Signifyd accelerated our ongoing innovation around payments. We recognized that merchants were leaving behind billions in sales — Research 451 put it at $36 billion — due to legacy fraud solutions and a lack of popular payment methods. 

In 2022, we teamed up with the world’s largest payment processor, Worldpay from FIS, to break down data barriers and increase conversions. With Guaranteed Payments by Signifyd, FIS has seen approval rates for customers increase by as much as 9%, meaning millions of dollars in incremental revenue. 

Soon after celebrating our partnership with Worldpay from FIS at the FLOW Summit 2022, Signifyd announced a partnership with Google Cloud aimed at providing merchants with the flexibility, scalability and reliability needed to operate at the speed of commerce. 

 We live in a time and a place where chants of “We’re No. 1” are so common they’ve become almost meaningless. That’s why the smart money isn’t content to simply nod along with the noise. The smart money waits for the noise to fade and then takes the time to examine the goods behind the claim. 

Photo by Getty Images

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Mike Cassidy

Mike Cassidy

Mike is the head of storytelling at Signifyd. A former journalist and a retail geek, he covers ecommerce and the way technology is transforming digital commerce. Contact him at [email protected].