Now, VTEX customers can access Signifyd’s Commerce Protection Platform via the VTEX App Store. This integration allows them to install a plugin within their VTEX ecosystem and optimize transactions while safeguarding profits. Through this partnership, customers gain quick access to advanced Signifyd solutions that fully comply with VTEX platform parameters.

How Signifyd Detects Fraud

VTEX users can automate the review of transactions through integrated Signifyd solutions. The tool not only aids in fraud detection but also boosts approved order rates by 5% to 9%, according to joint press releases.

Signifyd’s machine learning model continually evolves, adapting to new fraudulent tactics and techniques used by scam networks. It effectively distinguishes between legitimate and fraudulent transactions, identifies policy abuse, and offers financial guarantees on approved orders to protect against chargebacks.

VTEX’s Role in Signifyd’s Expansion Strategy

This strategic alliance is part of Signifyd’s broader expansion plans for Latin America. Their April 2021 fundraising round of USD 205 million fuels growth in product, customer success, and data science teams, along with engineering teams.

Growth of Fraud and Ecommerce in LATAM

Latin America anticipates significant growth in online commerce. A recent study by ResearchandMarkets projects the social commerce market to grow by 34.4% annually, reaching USD 6205.8 million by 2022. Social commerce GMV is expected to increase steadily during 2022-2028 at a CAGR of 28.9%, with the industry reaching USD 27370.6 million by 2028.

Statista data supports this trend, showing that retail e-commerce sales in Latin America were estimated at approximately USD 85 billion in 2020 and are forecast to rise to about USD 160 billion by 2025, marking a substantial increase from the previous year.