SAN JOSE, Calif.--(BUSINESS WIRE)--Signifyd today announced the general availability of its newest product add-on – Signifyd INR Protection – allowing merchants to extend the coverage of Signifyd Guaranteed Fraud Protection to also include Item-Not-Received (INR) chargebacks. INR Protection includes Signifyd Chargeback Recovery to address any other chargeback types, providing merchants with an end-to-end solution for chargeback management.
“Based on feedback from merchants, there was a clear appetite for extended guaranteed coverage,” said Gayathri Somanath, director of product at Signifyd. “Merchants loved winning back their time rather than dealing with lengthy legal procedures to contest chargebacks, and the idea quickly emerged that it would be even more valuable to get paid back upfront for all INR chargebacks, the largest source of their consumer abuse losses. So, that’s what we’ve built next: instant payback for our customers that makes recovering INR chargeback losses entirely our responsibility.” To learn more, join Somanath on August 14 at 8 am 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 chargeback with no questions asked. Signifyd leverages 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 every single chargeback in milliseconds. Legitimate customers are recognized and do not end up being treated like criminals.
Signifyd ensures that abusive consumers trying to get away with cyber shoplifting are 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 in the industry and is the only provider paying merchants upfront for fraud and INR chargebacks that were approved by their review engine before.
Signifyd works side by side with merchants toward the same ultimate goal – to reduce the number of chargebacks that need to be managed 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, knowledgebase 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 Guaranteed Fraud Protection and Chargeback Recovery products addresses every type of chargeback and provides a 100 percent guaranteed protection against fraud and INR chargebacks. 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 empowers fearless commerce by providing an end-to-end commerce protection platform. Powered by the Signifyd Commerce Network, 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 Denver, New York, Belfast, and London.