Every eCommerce business deals with fraud and chargebacks, and, for many businesses, managing fraud is still a very manual process that is not only frustrating, but cuts into the bottom line. To solve these issues for their client, GSM Nation, Magento Silver Solution Partner Signifyd used a cloud-based solution to automate the fraud prevention process. Here are the top results.
1. 80% Decrease in Manual Order Review: Signifyd’s solution saved GSM Nation hours of manual researching on Google, Facebook, and other sites. It scoured the web and combined public records, the social graph, device fingerprints, IP geolocation, proxies, issuing banks (BIN), cross merchant blacklists, search engines, maps and more. Signifyd then provided a single score that indicated the riskiness of a transaction, and all of the raw data to help with any remaining manual reviews. Click image to enlarge.
2. 20% Reduction in Fraud and 10% Increased Revenue:
GSM Nation was declining good transactions, such as orders from international customers and orders with different bill-to and ship-to addresses, because they were afraid those orders might be fraud. Signifyd’s solution validated these transactions almost instantly, which, in turn, increased revenue substantially. Signifyd also offers a Guaranteed Payments program to cover chargebacks.
3. Reduced Chargebacks to less than 1%: Signifyd detected when a fraudster bought something and notified GSM Nation immediately, using the same enterprise-grade technology in use by top Fortune 1,000 merchants.
Signifyd’s solution can also be integrated in minutes, not hours or days, with no upfront fees. This is a great option for businesses that don’t have technical support or developer resources because these solutions integrate with online stores in minutes. GSM Nation easily installed Signifyd through its extension in Magento Connect, at no charge.
For more on how Signifyd boosted GSM Nation’s business with their fraud prevention solution, join their webinar, “How to Reduce Manual Reviews and Reduce Fraud Using Signifyd with Magento,” on October 1, 2013, at 11:00 am (PDT). Register
Signifyd, one of the most widely adopted fraud prevention platforms, is also a Magento Silver Industry Partner. The first 100 customers who sign-up now for a two week free trial using Signifyd on the Magento Enterprise or Community Edition, will get up to 100 transactions per month free through January 1, 2014.