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Episode 27 Signifyd's AI-Powered Response Solution to Combat Retail Fraud
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In an era that has given rise to e-commerce and digital transactions, fraud has become an ever-pressing challenge for retailers. Cybersecurity Ventures estimates cyber-crime cost organizations $1.9 million every minute, and with cybercrime costs predicted to grow by 15% to a staggering $10.5 trillion annually by 2025, businesses are grappling with the need to optimize their revenue streams while safeguarding against the downside risks of fraudulent activities.
Some alarming statements from the report:
“If it were measured as a country, then cybercrime ...would be the world’s third-largest economy after the U.S. and China.”
“This represents the greatest transfer of economic wealth in history, risks the incentives for innovation and investment, is exponentially larger than the damage inflicted from natural disasters in a year, and will be more profitable than the global trade of all major illegal drugs combined.”
Amid this complex landscape, Signifyd, a company driven by big data and machine learning, has emerged as a champion of “fearless” commerce, providing retailers with a powerful shield against fraud and chargebacks. I spoke with Raj Ramanand, Co-Founder and CEO of Signifyd to discuss how they are tackling this pervasive threat.
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