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Signifyd launches app on the Stripe App Marketplace

Thursday 26 May 2022 08:57 CET | News

Signifyd, a US-based fraud prevention company, has debuted with its Signifyd app on the Stripe Marketplace to provide instant chargeback claims insights.

The Signifyd app for Stripe means that Stripe customers protected by Signifyd's Chargeback Recovery solution will no longer need to move among digital sites to track chargeback status and request updates on the reimbursement status for claims.

After installing the Signifyd App for Stripe, risk analysts and chargeback operations teams can benefit from seamless integration into their Stripe dashboards. With the Signifyd app, the Stripe Dashboard provides visibility into each individual chargeback case. Such visibility also provides a view of chargeback patterns and offers the ability to identify ongoing issues that could be rectified to reduce such claims.

Signifyd's Chargeback Recovery product addresses the problems of friendly fraud, when a cardholder fails to recognise a charge and files a chargeback or a family member makes a purchase by accident or unbeknownst to the cardholder. Another use case is for consumer abuse or chargeback fraud, when a legitimate cardholder makes a purchase with their own card, but claims they never made the purchase, and finally, the solution tackles false claims that a product never arrived, arrived in poor condition or otherwise not as described.

Chargebacks have become a severe pain point for merchants, who saw fraud pressure, friendly fraud, consumer abuse, and customer disputes increase dramatically during the pandemic, according to Signifyd data. Overall fraud pressure, a measure of orders with sufficient red flags to be considered fraudulent, was more than 400% higher by the end of Q1 2022 than it was prior to the pandemic. Furthermore, during the first quarter of 2022, consumer abuse was up more than 150% compared to pre-pandemic days, according to Signifyd Ecommerce Pulse data.


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Keywords: chargebacks, product launch, friendly fraud, fraud prevention, merchants, fraud detection, data aggregation
Categories: Fraud & Financial Crime
Companies: Signifyd, Stripe
Countries: World
This article is part of category

Fraud & Financial Crime

Signifyd

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Stripe

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