U.S. retailers have been able to buy guarantees against fraud losses from paper check payments for decades.
But now businesses have the option to buy guarantees on eCommerce fraud losses, which affect millions of merchants in the U.S.
Signifyd Guaranteed Payments protects eCommerce merchants by reimbursing them for the full face value of approved transactions, according to the latest issue of The Nilson Report. It also covers all tax and shipping costs, as well as payment card chargeback fees. Signifyd is one of a few companies offering U.S. online merchants this type of service.
They have a risk management platform that reviews thousands of data points in real time to approve transactions. This service typically costs the same as what a merchant pays in credit card fees.
Signifyd Partners with ThreatMetrix to Better Identify and Reduce Fraud Scenarios
Signifyd recently announced that it will add ThreatMetrix to the list of third-party resources it uses to evaluate risk. ThreatMetrix, a security technology company, verifies more than 20 billion transactions annually and holds information on a billion people across the world, according to a blog post on Signifyd’s website. ThreatMetrix uses consumers’ anonymous information to analyze connections between devices and locations, personal information, cybersecurity threats and consumer behavior to protect against fraud.
“Our goal is to increase decision confidence for online merchants through a managed service that’s backed by a financial guarantee,” Skye Spear, Signifyd’s VP of Partnerships, said in a Business Wire press release.
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