Monica Eaton Weighs in on Fraud for Industry Publication
Chargebacks911 COO Monica Eaton spoke with the folks at Loss Prevention Magazine to weigh-in on the perks—as well as the risks—of faster payments technology.
The publication is a leading resource for LP professionals and retail managers. Their digital platform features a wealth of information for businesses invested in optimizing their LP processes, from technology to management skills to investigations.
As the recent feature points out, the gig economy is a major driver of real-time payments. The major US card schemes are now getting on board and embracing this move, as is the Federal Reserve. That said, there are still concerns when it comes to the overall security of real-time payments. “Although merchants will be pleased at first because of the initial speed of transaction…the real hurdle with real-time payments will be reduced trust and fraud,” Monica explains.
According to her, the crux of the issue is inconsistency. Reliable payments technologies depend on reliable, consistent standards and practices. “Until we have a consistent set of guidelines for how to handle fraud and chargebacks that is standardized across the marketplace,” she says “adoption rates are predicted to wane, despite merchant’s incentive for reduced processing fees.”
