Signifyd, an online fraud protection company, has launched a new chargeback recovery solution to help merchants fight fraud.
The new service will enable companies to combat all forms of chargebacks, which account for over $14bn in losses annually, Signifyd claims. When combatting chargebacks, the company must ensure it does not contest legitimate chargeback claims with their customers.
In a study conducted by the RegTech, it found 38.2 per cent of consumers would only give a retailer a second chance after a bad experience and then end the relationship if it happens again. Further to that, around 15 per cent stated they would not even give a company a second chance.
The platform works by applying Signifyd’s data network of over 10,000 customers serving 250 million shoppers around the world and artificial intelligence technology with each chargeback. Legitimate customers are identified, while abusive consumers attempting cyber shoplifting are challenged with customised evidence letters.
Signifyd group product manager Gayathri Somanath said, “During business reviews with our merchants, we noticed that managing the remaining, non-fraud chargebacks was still a significant issue for many merchants.
“Analysing 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.”
Signifyd combines big data, machine learning and domain expertise to identify fraudulent orders made in the e-commerce space. Its API-based solution automates the back-office processes, automatically fulfilling orders, cancelations, payouts, claims and chargebacks.
Late last year, Signifyd opened its new European headquarters in London and an R&D centre in Belfast.
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