Signifyd Launches First and Only Fraud Protection App for Newly Released Next-Generation Magento Marketplace
April 12, 2016 4:02 PM Eastern Daylight Time
“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Unlike other fraud prevention services that use an outdated system of score-based reporting, Signifyd provides merchants with a simple, actionable decision — ship or don’t ship.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
Kayla Abbassi, VSC for Signifyd
Signifyd provides an end-to-end Commerce Protection Platform that leverages its Commerce Network to maximize conversion, automate customer experience and eliminate fraud and customer abuse for retailers. Signifyd counts among its customers a number of companies on the Fortune 1000 and Internet Retailer Top 500 lists. Signifyd is headquartered in San Jose, CA., with locations in Denver, New York, Mexico City, Belfast and London.