Each month we feature a new partner on our Blog as part of our Partner of the Month Series. This month, we’re proud to feature Signifyd, a fellow Magento Partner, who is helping companies of all sizes save time combating fraud easily and effectively.
Signifyd is a team of payments industry veterans who share two things: a passion for solving hard problems, and a commitment to customer excellence. The company was started to take the hassle out of dealing with fraud while running an online store, so eCommerce businesses can focus on what they do best: making and selling their goods online. Signifyd is comprised of brilliant minds from companies like PayPal, FedEx, SilverTail Systems (now RSA) and Fraud Sciences who created the tools and processes that they use to catch fraudsters, and that process has evolved with Signifyd.
Signifyd turns customer data into Intelligence by connecting the dots between the offline identity of the user with their online persona. 120+ indicators from sources such as Social, Devices, IP Geo-location, Proxies, Customer History, BIN, Blacklists, Velocity, Search Engines and Public Records are used to determine the validity of a transaction and the identities represented in that transaction. Signifyd knows how to interpret a user’s digital footprint and bridge the gap between Online and Offline Identity. And they know how to do it without creating friction for legitimate users.
Signifyd serves customers of every size, from merchants with under $100k in annual sales to some of the biggest names in eCommerce like the Home Shopping Network, Build.com and Wayfair.com. With a broad range of customers and skill sets, Signifyd also sees a broad range of needs, though the majority of their successes with customers fall into three main categories: reduce fraud, increase order acceptance, and streamline the manual review process.
A customer like Wayfair.com, who already had an eCommerce fraud suite in place when it started using Signifyd, still finds tremendous value in the context that Signifyd can provide to its transactions. By analyzing the connections between transactional data elements, Signifyd has helped Wayfair reduce chargebacks significantly over the tools already being used, and flagged fewer transactions in the process. Fewer incorrectly flagged transactions along with minimized fraud losses means better performance at both the top and bottom lines for Wayfair. Signifyd is happy to be a part of the team that has helped Wayfair grow beyond $1 billion in annual sales.
Another interesting use case for Signifyd is Petflow.com. Like a lot of companies selling goods online, Petflow had an aggressive challenge and review process to help minimize the threat of fraud. Additionally, any incorrectly blocked transactions negatively impacted revenue and thus the customer experience. Petflow.com, named the #1 Social Commerce Company by Internet Retailer last year, turned to Signifyd to help streamline its decision process while still keeping fraud rates in an acceptable range.
Since deploying Signifyd, Petflow.com has maintained a 90% reduction in chargebacks and a 90% reduction in time spent manually reviewing cases vs. its previous tools. Because of the accuracy of Signifyd’s risk engine, Petflow can safely accept more orders, flagging only those transactions that really are risky. More happy customers means more business for Petflow.com.
You can always find Signifyd at www.signifyd.com, but you can find them at major industry events, too. Signifyd is a Magento Silver Industry Partner and just got back from their excellent Magento Imagine conference in Las Vegas in May, and also recently exhibited at IRCE in Chicago. Signifyd is a perennial Merchant Risk Council (MRC) attendee and METAward winner for most innovative company. You can also check out their Magento Extension on MagentoCommerce.com.