Fighting off the scheming tactics of fraudsters is increasingly becoming difficult and stressful for online sellers.
Aside from lowered sales, increased order cancellations, and large chargebacks, they risk losing their customers’ trust.
Fake money orders and fake cheques are just some of the common tools of online swindlers, which have cost eCommerce businesses over $10 billion in losses.
The worst part of it is not knowing how to stop it. Well, it would’ve been easy to check the background of a potential customer on Facebook or google their address before processing their order.
Unfortunately, that doesn’t seem to be an effective strategy if you get dozens of orders every day.
Before you can process your first legit order, you’d be tired to the bones.
For fear of losing money and goods to fraudulent purchases, most sellers would decline large amounts of orders which causes their sales to dwindle.
But the recent integration of Signifyd, the leading provider of fraud protection, with the Magento Commerce platform finally puts an end to that long-standing predicament and spares you from potentially becoming a victim.
The benefits of this integration
Designed with machine learning algorithms, Signifyd can detect fraudulent orders in your store using an active database from over 5,000 merchants and thousands of data points from third-party data providers.
Once it has been activated in your Magento system, Signifyd will review every single order that comes through your store.
Now now, it’s not going to take it ages to determine the legitimacy of 50, 100 or a thousand orders as it can accomplish this task in half a second.
Signifyd automatically releases all approved orders for shipment and puts the questionable ones on hold.
This makes shipping orders faster and safer.
Magento couldn’t be happier with this new partnership as it not only guarantees their clients 100% protection but also gives them the ability to increase their orders and sales.
“With Signifyd, our merchants will enter a new era of payment security where every order is protected against fraud and chargebacks,” said Andy Barker, senior director of strategy and growth for global payments at Magento Commerce.
Have you ever been a victim of fraud? What do you think of Magento’s integration with Signifyd?
We hope to hear from you in the comments section below.
As always, to your continued success,
Dave & Matt