Monica Eaton Says Chargebacks are Up Dramatically Due to COVID-19
COVID-19 resulted in a substantial amount of confusion and anxiety among consumers. In turn, as Chargebacks911® COO Monica Eaton notes in a new feature for NerdWallet, this led to a clear spike in chargeback activity.
The experts at NerdWallet have a stated mission of providing clarity on financial decisions for consumers. Their advice aims to simplify finance to help readers pay off debt, choose the best financial products and services, and tackle major life goals like saving for retirement.
“Chargebacks are up 25% as a result of COVID-19," Monica explains in the piece. While chargebacks are an important consumer protection tool, they can also be easily abused to commit friendly fraud. Monica suggests that consumers need to be cognizant of this fact, and only use chargebacks when appropriate.
“You can’t accept a credit and then file a chargeback," she says. "You will not only lose the chargeback dispute, but you could also lose the voucher that was issued.”
Before filing a dispute, cardholders should always make a good-faith attempt to resolve issues with the merchant first. Consumers should also keep good records to avoid mistakes and oversights, and know their rights, as well as the rules imposed by card brands like Visa and Mastercard.
