Signifyd launches first and only fraud protection app for newly released Magento Next-Generation Marketplace

SAN JOSE, Calif.–(BUSINESS WIRE)–Signifyd, the fastest-growing provider of fraud protection services for e-commerce businesses, today announced its app will be the first and only fraud prevention app for Magento’s Next-Generation Marketplace that was released on Monday. Starting today, Magento customers can easily add Signifyd’s solution to their stores through the new marketplace and never pay a chargeback again.

“We’re excited to partner with a prestigious, far-reaching platform like Magento that can leverage our tools and power more merchants worldwide”

Signifyd enables Magento’s customers to:

• Reduce cost by using an automated process that tells merchants whether to ship or not
• Eliminate liability for any losses or fees from fraudulent orders
• Ship orders that get currently declined and increase gross profit by 15-20%

With more than 250,000 customers worldwide and $50 billion in gross transactions annually, Magento’s massive marketplace requires a surefire solution to prevent e-commerce fraud. Signifyd’s innovative technology satisfies this need by incorporating a unique, two-pronged approach that combines intelligent machine-learning with human expertise to unmask fraudulent purchases.

Unlike other fraud prevention services that use an outdated system of score-based reporting, Signifyd provides merchants with a simple, actionable decision — ship or don’t ship. Furthermore, Signifyd’s E-Commerce Assurance plan covers the cost of fraudulent chargebacks, effectively underwriting every transaction and adding 15-20 percent to customers’ bottom lines.

“E-commerce companies shouldn’t have to worry about fraud,” said Skye Spear, Sr. Director of Partnerships and Business Development at Signifyd. “We’re excited to partner with a prestigious, far-reaching platform like Magento that can leverage our tools and power more merchants worldwide.”

Signifyd recently raised $20M in Series B funding, bringing the company’s total funding to $31 million. The company, which was founded by Rajesh Ramanand and Mike Liberty, both ex-PayPal risk and fraud experts, partners with several Fortune 1000 retailers including Jet.com, Lacoste, and Peet’s Coffee & Tea.

For more information on Signifyd’s app in the new Magento Marketplace, please visit: https://marketplace.magento.com/signifyd-module-connect.html

 

Contacts
Kayla Abbassi, VSC for Signifyd
562-412-2038
[email protected]