2% of All Transactions Result in Chargebacks, Says Company COO
While new technologies open doors to improve the customer experience in ways we never could have imagined, there are also new risks involved. In a new Fighting Fraud feature for The Times in the UK, experts from Chargebacks911 suggest that technology leads to the development of new risks…as well as new solutions.
The Times is Britain’s oldest national daily newspaper. Along with its sister title, The Sunday Times, the paper has been in circulation since 1785, and is one of the most reputable news outlets in the world. This new special feature, published by Raconteur, will be distributed as a special feature in The Times and The Sunday Times.
Chargeback policies and procedures have changed very little over the last five decades. At the same time, there has also been very little attention paid to adapting chargebacks to the modern environment. Chargebacks, as a result, have spiked to represent roughly 2% of all transactions, costing merchants, banks, and cardholders billions of dollars a year.
“We’ve seen a 20 percent growth in chargebacks year on year, with friendly fraud doubling,” says Chargebacks911 COO Monica Eaton-Cardone. “Yet only 18 percent of claims are estimated to be disputed, since most merchants and acquirers don’t have the technology or resources to manage the costly disputes.”
The feature spotlights Chargebacks911’s unique, proprietary technologies as the solution to this ever-growing problem.