Signifyd is a fraud prevention company co-founded in June 2011 by Rajesh Ramanand (CEO) and Michael liberty (COO). Their fraud detection mechanism involves 120 parameters including offline and online ones. From public records, negative lists of merchants (multiple), location, transaction history, social graph, and device fingerprint, they analyze a whole lot of things to protect. The company has received a total funding of $2Mn through investors Andreessen Horowitz, Data collective, IA Ventures, QED Investors, Resolute, Tekton ventures and Safty Rashtchy.
Signifyd enables e-commerce business to sell confidently by protecting them from fraud. According to the Startup the average e-commerce retailer loses 3.1% to fraud every year.
This video gives you an overview of their Platform:
- Signifyd provides the user with SaaS solutions that analyze fraud and customer service agents who review the site for fraud purposes.
- Its product is built on a relationship graph that analyses the scoring data from various sources such as social, geographical location, address, phone, names which helps the business in making decisions in a simpler way.
- Signifyd’s SaaS simply sits on top of existing payment structures and processors, and then pulls data together to screen the transaction according to its CEO Rajesh Ramanad.
Some features of Signifyd:
Device Fingerprint: Signifyd’s device fingerprinting uses data through which the device is identified uniquely. This can be done through the user’s desktop, tablet, game or Smartphone console.
Proxy detection: Signifyd identifies the geographic source of an IP address of the customer browser which prevents the user data from fraudsters.
Issuing Bank data: Signifyd Bin identifies the institution and geographical location from where the card is issued including prepaid cards and gift cards.
Social Graph: Signifyd also checks the data from various social networking websites like Facebook, Twitter & Linkedin.
“With order-processing time growing - its hard to make time to check for fraudsters. Other services like this give you complicated data. Signifyd makes it simple, yet they show you all the data that they use to back up their decision," said Jordan Schau, CTO of Pure Fix Cycles.
Some other companies operating in the same space are Riskified and Lifelock. Riskified uses proxy detection, device finger printing, data enrichment through the social graph and entity linkage to classify transactions. The Company was co-founded in 2012 by Assaf Feldman (CTO) and Eido Gal (CEO). In July 2013, the company received a funding of $1.6 Mn through investors Genesis Partners, Formation 8,Founder Collective, The Accelerator Group, T5 Capital and Entrée Capital.