VTEX customers can now access Signifyd’s Commerce Protection Platform through the VTEX App Store. This integration allows them to install a plug-in within the VTEX ecosystem, optimizing transactions and protecting profits. The partnership provides quick access to Signifyd solutions that align with VTEX’s programming and review parameters.

How Signifyd Detects Fraud

By integrating Signifyd solutions, VTEX clients can automate the review of their ecommerce platform transactions. Besides fraud detection, users gain technology that increases approved orders by an average of 5% to 9%, according to a joint company press release. The machine learning model in Signifyd is continuously updated, adapting to new tactics and techniques from scammers and fraud networks. It can differentiate between fraudulent and legitimate transactions, detect policy abuse, and offer financial guarantees on approved orders against chargebacks.

VTEX Partnership in Signifyd’s Expansion Strategy

This strategic alliance is part of Signifyd’s expansion plans for Latin America. Recent funding rounds are driving growth in product, customer success, data science, and engineering teams.

Fraud and E-commerce Growth in LATAM

Latin America is experiencing significant growth in online commerce. A ResearchandMarkets study indicates the social commerce industry in Latin America will grow by 34.4% annually to reach USD 6205.8 million in 2022, with a CAGR of 28.9% during 2022-2028.

Statista data supports this growth, showing that retail ecommerce sales in Latin America were estimated at approximately USD 85 billion in 2020, nearly 35% more than the previous year before the COVID-19 pandemic. It forecasts that this figure will rise to about USD 160 billion by 2025.

Forbes Business Intelligence cites data from paymentscardsandmobile.com suggesting that the ecommerce fraud prevention market in Latin America is expected to quadruple between 2020 and 2028, reaching USD 2.9 billion.