Intelligence from the ThreatMetrix Digital Identity Network augments Signifyd’s machine learning solution to remove risk from cross-border transactions

Overview

Signifyd is the world’s largest provider of Guaranteed Fraud Protection, providing a 100% financial guarantee against fraud and chargebacks on every approved order. By shifting the liability of fraud away from eCommerce merchants, Signifyd enables them to focus on growing their business by increasing sales and accessing new markets while reducing risk. Signifyd supports over 5,000 merchants, including many on the Fortune 1000 and Internet Retailer Top 500 lists.

As digital commerce continues to grow across borders, fraud is also expanding its global footprint as cybercriminals launch more sophisticated and complex attacks to test and monetize stolen identity credentials resulting from numerous data breaches. Signifyd solves the challenges that growing eCommerce businesses persistently face, including billions of dollars lost in chargebacks, customer dissatisfaction from mistaken declines, and operational costs due to tedious, manual transaction investigation.

With ThreatMetrix, Signifyd leverages the largest repository of global shared digital identity intelligence to accurately approve as many orders as possible, in any market, with low risk to Signifyd and no risk to its merchants.

The Struggle to Accept More Cross-Border Orders with Less Risk

Cross-Border commerce is becoming easier and faster due to the digital mobility of connected users who now expect to be able to purchase from an increasingly global marketplace. Developing markets such as Latin America, Asia Pacific, and the Middle East have experienced significant growth in cross-border buyers, who are often motivated by cheaper goods, international brands, or goods that are unavailable in their domestic markets.

Although cross-border sales present a huge growth opportunity for online retailers, many struggle with how to successfully expand into new markets and maximize revenue without incurring additional fraud losses. Merchants often have limited data to verify cross-border transactions, and therefore perceive such transactions as high-risk. They often rely on legacy rules to reject transactions from specific countries and consequently prevent good customers from making legitimate purchases. By eliminating chargeback losses for online retailers, Signifyd strives to help merchants accept more orders across the globe.

Partnering with ThreatMetrix has enabled us to gain real-time access to high-quality, in-depth data from the Digital Identity Network, improving our operational efficiency and increasing the number of approved orders for our merchants.

— Signifyd

Signifyd’s guarantee to protect online retailers from fraud depends on accurately assessing the risk of every order, so Signifyd sought out the leader in providing real-time shared intelligence to complement its real-time machine learning capabilities. Combining ThreatMetrix global intelligence with Signifyd’s machine learning means an improved order approval process for Signifyd’s merchants.

Signifyd is changing the way online retailers manage risk. ThreatMetrix values the opportunity to support this innovative strategy, enabling eCommerce merchants to worry less about fraud and to focus more on growing cross-border business.

— ThreatMetrix

Leveraging Global Shared Intelligence to More Accurately Authenticate Cross-border Transactions
Harnessing the Power of a Global Network

ThreatMetrix gives businesses the ability to differentiate trusted customers from potential fraudsters by collating Digital Identity Intelligence™ from the complex digital DNA of online transactions; whether logins, payment transactions or new account applications.

ThreatMetrix ID™ is the technology that brings this Digital Identity Intelligence to life; helping businesses elevate fraud and authentication decisions from a device to a user level as well as unite online behavior with online intelligence.

  • ThreatMetrix ID helps businesses go beyond just device identification by connecting the dots between the myriad pieces of information a user creates as they transact online and looking at the relationships between these pieces of information at a global level and across channels/touchpoints. ThreatMetrix ID comprises a unique digital identifier, a confidence score and a visualization graph for each connecting user, which together act as a benchmark for the trustworthiness of current and future transactions.
  • ThreatMetrix Trust Tags are digital labels that enable businesses to differentiate between fraudsters and legitimate users. Trust can be associated dynamically with any combination of online attributes, such as devices, email addresses, card numbers or any other attributes involved in accepting, rejecting or reviewing a transaction.
  • ThreatMetrix SmartID identifies returning users that wipe cookies, use private browsing and change other parameters to bypass device fingerprinting. This improves returning user detection, reduces false positives and helps identify fraudsters who might be using the same device to make multiple payments.
Thwarting the Masters of Disguise

Fraudsters have been quick to realize that organizations often set custom rules to block transactions from particular countries or regions that are deemed too high-risk. In order to bypass these rules fraudsters often attempt to cloak or spoof their location; location spoofing is 60% higher on cross-border transactions than domestic ones.

  • ThreatMetrix deep connection analysis technologies accurately detect the use of technologies such as hidden proxies and VPNs and allows Signifyd to see the true IP address, geo-location and other attributes of each event, backed by global identity data over time.

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