Data from the 2024 Chargeback Field Report was recently published in a new feature by the Electronic Payments International.
Electronic Payments International is one of a network of 30+ proprietary B2B websites, with an unrivalled global audience of active decision makers, influencers, and opinion leaders across the world with a combined readership of 55 million industry professionals each year. Their expertise spans more than 80 markets globally and driven by 800+ award-winning journalists, researchers, and analysts.
As noted in the piece, the study reveals a startling surge in chargeback abuse, with merchants reporting an 18% average increase in friendly fraud over the last three years. “In the US, the right to dispute transactions is protected by federal law. Unfortunately, our survey results suggest that the majority of customer disputes are actually illegitimate,” says Chargebacks911 CEO Monica Eaton in the piece.
The good news is that, as the study further shows, there are moves that merchants can make to fight back.
“Chargeback data can serve as a powerful KPI, useful for both more accurate decisioning and fine-tuning strategies,” Monica added. “It’s worth pointing out that according to our survey, merchants who used a third-party solution or software were twice as likely to know their tracking numbers.”
