SAN JOSE, Calif.--(BUSINESS WIRE)--International research and advisory firm Frost & Sullivan named Signifyd the industry leader in ecommerce fraud prevention, citing the commerce protection provider’s visionary approach to product innovation and its “proven history of helping businesses succeed.”
Signifyd outranked 10 other competitors in Frost & Sullivan’s Frost Radar Ecommerce Fraud Prevention report, based on the company’s three-year record of revenue growth and increasing market share, its future growth potential and the close alignment of its strategy and vision. Frost & Sullivan also highlighted Signifyd’s Authorization Rate Optimization solution and its unique approach to Return Abuse Prevention, powered by Signifyd’s Decision Center.
“More than anything, Frost & Sullivan’s finding that Signifyd is the industry leader in commerce protection is an affirmation of our customer-centric approach,” Signifyd CEO and Co-founder Raj Ramanand said. “We see our customers as true partners and their insights have contributed significantly to the innovative vision that Frost & Sullivan is honoring in their Radar report. Our customers’ needs inspired us to first offer our unique abuse prevention solution nearly three years ago, which is now used by some of the largest omnichannel retailers in the world to increase profitability in complex new growth channels.”
The top-growth ranking comes on the heels of Digital Commerce 360’s acknowledgment of Signifyd’s rapidly growing customer base. When the ecommerce research and media firm recently analyzed payment security and fraud prevention providers, it concluded that Signifyd was the leading vendor to the top 1,000 U.S. retailers for 2022.
And it marks the third consecutive time that Frost & Sullivan has named Signifyd a market leader. The research and advisory firm reached the same conclusion in the market review that it conducted prior to the 2022 analysis and it named Signifyd the market leader in its survey prior to that.
“Signifyd sets itself apart in the industry by delivering solutions that help merchants protect their omnichannel initiatives and support faster fraud decisioning and seamless checkout while preventing policy abuse, such as return abuse and promotion abuse," said Vikrant Gandhi, Vice President of ICT Research at Frost & Sullivan. “It’s no surprise then that Signifyd is the industry growth leader and well-positioned to maintain its growth momentum."
Growth and building a large customer base are key to modern fraud and abuse protection because robust protection relies on rich transaction intelligence derived from a network of thousands of merchants and brands. The bigger the network, the better the intelligence.
The Frost Radar report notes that ecommerce has surged dramatically and that in order to be successful, merchants need to rely on the next generation of fraud protection.
“Merchants that haven’t made the necessary investments in advanced solutions can lose as much as 20% of revenue annually,” the report says.
Modern solutions should include protection against account takeover and policy abuse, Frost & Sullivan said. The report added that the consulting firm also clearly preferred integrated solutions that can handle complex deployments such as providing Strong Customer Authentication (SCA), now required in the European market.
Signifyd checks those boxes. The report also praised Signifyd for being able to “instantly recognize and accelerate legitimate customers down the path to purchase” and for providing merchants with both transparency and control along with “sophisticated ML-based solutions.”
Frost & Sullivan also said Signifyd stood out for its “unique approach to return abuse protection, authorization rate optimization, and an intuitive customer console.”
All that, combined with the rapidly changing nature of ecommerce makes Signifyd a prime partner for merchants, the report said.
“Merchants must prioritize working with companies like Signifyd that have a proven history of helping businesses succeed by addressing their unique fraud challenges and customer experience enrichment requirements.”
The report noted Signifyd’s “optimum customer concentration” and added that, “retailer demand for customizable, guaranteed fraud prevention is likely to increase, which will translate into additional opportunities.”
Signifyd provides an end-to-end Commerce Protection Platform that leverages its Commerce Network to maximize conversion, automate customer experience and eliminate fraud and consumer abuse risk for retailers. Its solutions provide the transparency and control that brands need to succeed in the rapidly changing world of commerce. Signifyd, which is the leading provider of payment security and fraud prevention for the Top 1000 Retailers for 2022, is headquartered in San Jose, CA., with locations in Denver, New York, Mexico City, Belfast and London.