SAN JOSE, Calif.–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/chargebackfraud?src=hash” target=”_blank”gt;#chargebackfraudlt;/agt;–Signifyd today announced the general availability of its newest product
Chargeback Recovery – to allow merchants to address every type of
chargeback. Retailers enjoy the certainty that the buying experience
they’re providing consumers is protected with Signifyd’s customer-first,
end-to-end solution, not just from fraud, but also from abuse, process
issues and revenue loss. The new product will debut at the upcoming Shoptalk
conference taking place March 3 to 6 in Las Vegas.
While consumer abuse, sometimes called “friendly fraud,” amounts to more
than $15 billion in annual chargeback losses, merchants need to be
careful not to overreact and blindly fight all chargebacks. Bad customer
experiences can cost companies a lot of money. In a Signifyd survey,
38.2 percent of consumers said they would give a retailer one more
chance after a single bad experience before turning their back on the
business. Nearly 15 percent are zero-tolerance shoppers. One bad
experience, which could be an unwarranted chargeback dispute, and
“During business reviews with our merchants, we noticed that managing
the remaining, non-fraud chargebacks was still a significant issue for
many merchants,” said Gayathri Somanath, group product manager at
Signifyd. “Analyzing the problem further, we believed that we could
streamline the process for them to ensure their customers are treated
well, while abusive consumers are stopped and revenue lost to them is
recovered. We tested various iterations with beta customers until we got
it right and are excited to announce its general availability today.” To
learn more, join Somanath on March
4 at 10am PST for the product launch webinar.
While fraud fueled by cybercrime and data breaches needs to be
intercepted by detecting stolen identities, managing other chargebacks
requires a thorough triage to differentiate between valid disputes
coming from legitimate buyers and those coming from abusive consumers.
Each case then needs to be followed up appropriately – an extremely
time-consuming and complicated process.
Signifyd’s first priority is to ensure that loyal customers are not
negatively affected by overly aggressive chargeback dispute techniques,
such as filing dispute cases for every single chargeback with no
questions asked. Signifyd taps into its industry leading data network of
more than 10,000 merchants supporting more than 250 million shoppers
worldwide and its advanced AI to identify how to best address each
single chargeback in milliseconds. Legitimate customers will be
recognized and will not end up being treated like criminals. Meanwhile,
Signifyd Chargeback Recovery ensures that abusive consumers trying to
get away with cyber shoplifting will be challenged by customized
evidence letters, designed by domain experts and powered by enriched
data derived from the purchase transaction. Based on this intelligent
targeting, Signifyd delivers the highest win rate on consumer abuse
chargebacks the industry has ever seen.
Signifyd Chargeback Recovery allows merchants to reduce their
operational expenses associated with managing chargebacks without
sacrificing their customer experience, which could otherwise lead to
customer churn and a significant reduction in customer lifetime value.
Signifyd’s approach aligns with the ultimate goal of merchants: To
reduce the number of chargebacks that need to be disputed in the first
place. That’s why regular business reviews with Signifyd domain experts
are part of the overall solution. The consultants help optimize merchant
processes, return policies, knowledge base articles and any other part
of the merchant’s setup that can be improved to reduce the number of
chargebacks consumers have to submit in the first place.
This extension of Signifyd’s Commerce Protection Platform allows
customers to address every type of chargeback. Retailers enjoy the
certainty that the buying experience they’re providing consumers is
protected with Signifyd’s customer-first, end-to-end solution, not just
from fraud, but also from abuse, process issues and revenue loss.
Signifyd enables merchants to grow with confidence by providing an
end-to-end commerce protection platform. Powered by the Signifyd
Commerce Network of more than 10,000 merchants selling to more than 250
million consumers worldwide, its advanced machine learning engine is
able to protect merchants from fraud, consumer abuse and revenue loss
caused by barriers and friction in the buying experience. 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 Barcelona, Belfast, Denver and London.