Signifyd Offers a New Level of Mobile Payments Protection
The mobile payments field comes with a few risks all its own. While security providers have worked diligently to address any potential shortcomings—and shore up those that were discovered by criminals before they were discovered by the security providers—there are some issues that have proven almost shockingly pervasive. One issue is the point of chargebacks, which often left merchants in the lurch. A recently-released change from Signifyd—who tipped us off about same—offered insight on what the company is doing to address this often-unsung problem with mobile payments.
Signifyd’s latest modifications to the Signifyd Guaranteed Fraud Protection system offer merchants a complete solution to address issues of chargeback management. With the new modifications, fraud protection is now extended to include “item-not-received”, or INR, chargebacks.
Under normal circumstances, the process for addressing chargebacks might charitably be described as “cumbersome,” requiring businesses to actively work to discover who has a valid complaint and who’s simply trying to get something or nothing. This requires appropriate followup as well, and leaves businesses spending a lot of time and money sleuthing out the difference between real and imaginary conditions.
With Signifyd’s system, though, the process becomes much easier. Thanks to reams of data Signifyd has collected—including that provided by over 10,000 merchants offering support for over 250 million shoppers around the world—backed up by powerful artificial intelligence systems—Signifyd can now tell how to address any chargeback in seconds.
Signifyd’s director of product, Gayathri Somanath, noted “Based on feedback from merchants, there was a clear appetite for extended guaranteed coverage. Merchants loved winning back their time rather than dealing with lengthy legal procedures to contest chargebacks, and the idea quickly emerged that it would be even more valuable to get paid back upfront for all INR chargebacks, the largest source of their consumer abuse losses.”
It might be going a bit too far to believe that this system can somehow spot a false chargeback by telling all those other times a chargeback was false. However, anything that improves the chargeback system for merchants does improve the overall setting and gives customers a better experience in the process.
Chargebacks are a significant problem to merchants, especially those putting card-backed mobile payments systems to use. To improve outcomes for all concerned, a better chargeback system is all but required. Hopefully, Signifyd’s system can help deliver just such a system.