How they describe themselves: Signifyd harnesses the power of the Social Graph to help e-commerce businesses fight fraud. By bridging the gap between the online identity presented by the user and the real-life person he or she claims to be, Signifyd’s platform provides merchants with an Accept or Decline decision on transactions. If an Accepted transaction turns out to be fraudulent, Signifyd takes the liability for it – think of it as insurance for e-commerce. As a full-service payment validation platform, Signifyd is in use by many Small Businesses and companies on the Fortune 100 and Internet Retailer Top 500 list.
How they describe their product/innovation: Today, Card-Not-Present merchants are liable for fraud chargebacks. As brick-and-mortar businesses move online, their losses increase. The techniques used by fraudsters are evolving quickly, forcing merchants to become experts on device fingerprinting, IP Geo-Location, NAP Checks, BIN lookups and social spoofing. Signifyd abstracts this away by connecting all the data needed to screen a transaction and looking at the identities involved holistically. With Signifyd, merchants get a one-stop solution, from automated scoring to manual review, even without any internal history on the customer. And with Guaranteed Payments, Signifyd takes the liability in the case of a mistake.