Signifyd, the leading digital commerce protection provider, today announced a partnership that will better fortify online commerce through Google Cloud Marketplace. The partnership brings together Signifyd’s Commerce Protection Platform and Google Cloud’s reCAPTCHA Enterprise, which protects websites from fraudulent activity, spam and abuse.
Signifyd is an ecommerce fraud prevention provider that gives merchants full chargeback protection on Google Cloud Marketplace. The combination of Signifyd and reCAPTCHA Enterprise’s machine learning solutions together will strengthen the ability of merchants to detect bad actors and prevent fraud.
“Helping merchants protect their website against fraudulent activity is important to protecting the overall customer experience,” said Cy Khormaee, product manager at Google Cloud. “We’re pleased to have Signifyd’s Commerce Protection Platform available on Google Cloud Marketplace and, alongside Google Cloud’s reCAPTCHA Enterprise, to provide customers with easier access to the technologies they need to secure their customers’ shopping experiences.”
As ecommerce has become a bigger share of retail sales, fraud-related attacks have grown in number and sophistication. Merchants are left with the challenge of protecting their enterprises without creating barriers that frustrate legitimate consumers and diminish customer lifetime value.
“We’re excited to partner with Google Cloud to protect businesses from payments fraud,” Signifyd CEO Raj Ramanand said. “With reCAPTCHA and Signifyd, we’re bringing an innovative, complete solution to the market to not only protect against fraudulent orders but also to ensure that good orders aren’t declined.”
Together, Signifyd’s Commerce Protection Platform and Google Cloud’s reCAPTCHA Enterprise gather behavioral and transaction intelligence throughout the digital shopping journey — including on-page, at checkout and after checkout. The powerful combination automates the ecommerce order flow, provides intelligent solutions to manage business policies and offers a financial guarantee against chargebacks on approved orders.
Further deepening its relationship with Google Cloud, Signifyd also announced it had become an early adopter among fraud prevention providers by adding Google Cloud to its technology stack.
Signifyd’s partnership with Google Cloud helps merchants solve a long-running challenge: retailers’ traditional reliance on limited vision when it comes to payments security. Merchants, financial institutions and payment service providers often work to assess risk independently with siloed sets of data. That leaves some merchants turning away up to 10% of orders — and in some cases more — according to Signifyd, while financial institutions reject additional sales in an effort to save consumers from fraud.
While some merchants continue to rely on legacy fraud solutions, fraud rings continue to innovate. Fraudsters increasingly rely on automated attacks to operate at scale while launching carding attacks to verify stolen payment credentials, attempt account takeover through trial-and-error log ons and commit scalping to corner the resale market on limited goods. In fact, bot attacks are up 151% to date in 2022 compared to the same period a year ago, according to Signifyd.
The addition of Google Cloud to Signifyd’s tech stack and the addition of Signifyd’s solutions to Google Cloud Marketplace provide enterprise brands with the increased scalability, availability and visibility required to manage fraud and abuse in the new era of ecommerce. Analysts have noted that enterprises are increasingly turning to the Google Cloud Platform for its superior ability to support advanced applications and data management as well as the easy API integration it provides with other cloud-based solutions.
Signifyd CEO Raj Ramanand will join Cy Khormaee, product manager at Google Cloud, at Google Cloud Next ‘22, beginning Oct. 11, to talk about protecting businesses from payments and ATO fraud.
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