11 Mar My Review of Signifyd
E-commerce is trending nowadays and it continues to grow year after year. It has become especially popular since the start of the COVID-19 pandemic, which drove consumers to shop and purchase many of their basic needs online.
With online shopping becoming quite prevalent, it’s only natural to start seeing merchants invest in software designed to counteract fraudulent activity. Systems such as Signifyd can provide users with notifications to alert them of shady transactions.
How does Signifyd fare amongst the other fraud detection software on the market today?
Let’s take a closer look at what it has to offer.
There are many reasons why Signifyd is considered one of the top fraud protection systems today.
- Guaranteed protection against fraudulent activity by leveraging machine learning, domain expertise, and big data
- Chargeback recovery by using top-notch processes that are designed to provide a 100% financial guarantee against fraud that occurred on approved orders
- Incorporates its INR protection that helps investigate and resolve chargebacks according to consumer claims
- Uses excellent SCA that authenticates customers without requiring other steps for all transactions
- Provides access to third-party e-commerce plugins for platforms such as Shopify, Salesforce, BigCommerce, and Magento
Although Signifyd looks great overall, it does have a few areas that its developers need to iron out to make the software operate even better.
- Users can’t write and keep notes concerning declined orders
- You only have 7 days to file a chargeback reimbursement report
- Merchants may find it hard to get approval for certain transactions despite being flagged as fraudulent
In a Nutshell
Signifyd solves the crucial issue of losing money due to chargebacks, customer complaints, and operational mistakes. The full-service cloud platform provides users with top-notch fraud protection thanks to its real-time artificial intelligence foundation. Such a feature allows brands to increase their sales while branching out to new markets with minimal risk.
A good reason why people choose Signifyd is because of its ease of use. Many customers have found that its interface is intuitive and easy to understand and provides everything they need in one dashboard.
Notifications for fraudulent activity are reported in real-time but also allow merchants to appeal verifications if necessary. These appeals work fast and efficiently and can still be shipped out on time once approved.
One of the main disadvantages that Signifyd has compared to other fraud protection software is that it only provides users with 7 days to file a chargeback reimbursement report. This means that your chargeback may not be considered once it has already gone past the required number of days.
Additionally, Signifyd may also cancel certain transactions that have been flagged as fraudulent despite requesting an appeal. This is important to note as some orders may not go through in case suspicious activities have been detected.
How Does Signifyd Work?
Signifyd takes advantage of machine learning to provide merchants with an e-commerce platform that protects them from fraud due to consumer abuse or third-party attackers. This, consequently, adds a safety barrier for them to prevent revenue loss resulting from unnecessary obstacles that can make the buying experience complicated for good customers.
Each time a customer places an order on an e-commerce shop, Signifyd will automatically review it and inform the merchant whether they should process it or not. Any decision made by the merchant is backed by financial guarantees, allowing them to focus on helping their business grow without worry.
Who Uses Signifyd?
Signifyd is used by many retail and online merchants in various markets, such as:
- Beauty and cosmetics
- General merchandise
- Outdoor and sporting goods
- Pet supplies
Some of the biggest clients that use the platform include:
- Twinnings North America, Inc.
- Crown & Caliber, LLC
- Fit Life TV
Signifyd offers standard pricing of $1,500 per month with all approved orders being charged at .8% of their total amount. The company behind the platform offers custom plans for larger enterprises and LATAM or EMEA retailers as well.
Furthermore, Signifyd is available for a 14-day free trial so that merchants can get a hang of the platform before deciding to purchase.
Some of the well-known alternatives to Signifyd include:
- Riskified – read our review
- Sift – read our review
- Seon – read our review
- Ravelin – read our review
Frequently Asked Questions
Who founded Signifyd?
Rajesh Ramanand together with Michael Liberty founded Signifyd on June 11, 2011.
How does Signifyd identify fraudulent activity?
Signifyd identifies fraudulent e-commerce activity by leveraging machine learning algorithms to detect unusual actions made on orders. It leverages transaction and behavioral data that have been obtained from thousands of merchants worldwide.
How does Signifyd protect the customer buying experience?
Signifyd protects customer purchasing experiences by instantly recognizing legitimate consumers and separating them from the pack. This allows merchants to approve more good orders while automating the fulfillment for trusted buyers.