3x Boost to Chargebacks911 Automated Dispute Response Platform With the Addition of Data-Driven AI Enablement
Chargebacks911, the leading dispute technology specialist that powers chargeback remediation for the largest global eCommerce businesses, as well as the world's financial institutions, today celebrates a 3x boost to its automated dispute response platform.
The use of data from a consortium of businesses across a number of verticals enables the technology to be “trained.” It can dynamically identify data points related to post-transaction fraud, including first-party fraud. This is then enriched to exponentially improve underlying dispute intelligence and insights for merchants.
“We know that chargebacks are out of control and this can be devastating, especially in today’s desperate economic climate. However, by further fueling the power of AI in our digitization of the disputes management process, the heavy lift of data aggregation is optimized, providing insight and flexibility that easily accommodates the changing landscape of chargeback rules and payments. Creating a more sustainable ecosystem is all about replacing friction with intelligence, and applies to all stakeholders—merchants included.”
First-Party Fraud Surging in a Post-Covid Marketplace
First-party fraud, also known as “friendly fraud,” refers to an illegitimate chargeback filed on a legitimate transaction. These disputes cost the eCommerce industry staggering amounts each year, accounting for up to 25% of some merchants’ profits. The problem is getting worse; while post-transaction fraud in general surged by 23% in 2021, first-party fraud surged 56% during the same period, making it one of the fastest-growing threat sources on record.
One of the primary reasons for the growth in first party fraud is due to unavailable feedback from the merchant. As a result of the mammoth quantity of chargeback data that online merchants receive, and the time it takes for a human operator to investigate each chargeback and determine whether it is legitimate or not; the vast majority of cases expire, inadvertently contributing to this negative trend and its unintended consequences.
The industry needs to adopt more intelligent automation to meet this challenge. In response, Chargebacks911 is revolutionizing the data collection process, transforming the concept of end-to-end automation by digitizing even the most complex and unstructured formats to maximize data insights and leverage rule-based data driven automation.
“Models that primarily leverage an outsourced human workforce to manually prepare dispute responses fall short,” Monica continues. “Today’s merchant not only requires automation for scale, but also for scope as data continues to evolve. With increasing economic pressure it’s imperative that merchants are able to learn from this vital insight.”
How Chargeback911 Leverages Data for Improved Dispute Response
Chargeback911’s AI enabled automated dispute response platform allows merchants of all sizes across dozens of verticals to intelligently fill the knowledge gap and thwart growth in first-party fraud. Without an in depth understanding of the post transaction data types, chargeback rules, and dispute reason codes, which differ between card networks and alternative payment methods, merchants risk becoming victims to increasing chargeback fraud.
The Chargeback911 platform acts as a multidimensional orchestration layer. It powers rules-based logic, machine learning, and AI-driven calculations that work in unison to dynamically analyze and classify data input and compile a response. A yield of up to 3x results are achieved with the addition of data-driven AI enablement when compared to automation alone. This has knock-on effects, facilitating more reliable ongoing data and further enhancing the benefits of rich data analytics.
Want to learn how Chargebacks911 enriched data can help you prevent disputes and recover more revenue? Click below and get started today.
