A fraud protection tool from Signifyd is coming for merchants using the Magento platform. This will be made available natively on the Magento platform, so that users won’t have the need to have fraud scoring tools.
Magento & Signifyd Partnership for Fraud Protection
Andy Barker, Senior Director of Strategy and Growth Global Payments at Magento, has said:
“With Signifyd, our merchants will enter a new era of payment security where every order is protected against fraud and chargebacks,”
This is important especially since Black Friday and the holidays are coming. It is expected that there would be fraudulent purchases that would be made at that time as overall sales increase.
With so many transactions to process, many merchants might have some fraudulent transactions slip by. What merchants would do usually is to decline transactions that seem fraudulent. That could result in the loss of possibly genuine sales.
Raj Ramanand, CEO and co-founder of Signifyd, has said
“By allowing merchants to accept more orders, we’re recovering revenue and margins previously lost to fraud, or more precisely, the fear of fraud,”
Signifyd has Guaranteed Fraud Protection, which allows sellers to automate the review order process. This would mean faster processing and shipping time, while at the same time minimizing or else eliminating fraud.
This would also result in a cut down order review time, since many hours are lost just reviewing orders, especially those that are suspected to be fraudulent. In such cases then, it can result in delayed shipment.
With real time learning machine, Guaranteed Fraud Protection can determine if a transaction is true or not in just seconds. This is a real big help for many merchants, who would not have to waste much time manually reviewing each order.
What do you think? Surely this is good news for Magento users and will combat the time and effort lost on fraudulent buyers. Let us know down below.