Monica Eaton, Founder of Chargebacks911, was recently invited to share her fraud prevention expertise in a new guest feature for UK Tech News.
UK Tech News publishes the latest news from the professional UK tech scene. As they put it on their site: “We cover tech news. Not marketing, not business, just tech,” making them an invaluable resource for those looking to learn more about the technologies shaping our world.
The eCommerce space has changed substantially in the wake of covid-19. Of course, one of these changes is the growth of online fraud, and first-party fraud, in particular.
“Chargeback fraud, also known as ‘first-party fraud,’ also continued to surge, and remains a major factor in lost revenue for merchants,” Monica explains in the piece. “So-called ‘friendly fraud’ has the advantage of being extremely easy to carry out – anyone can call their bank and say that an order didn’t arrive. This can result in chargeback fees for the merchant, as well as damage to their reputation and potential loss of revenue. According to our own research, chargebacks and disputes are expected to increase by 22% in 2023, with eCommerce merchants bearing the majority of the cost.”
Monica gives several pointers about how to address this problem. Some best practices include deploying fraud detection tools, clarifying terms, and educating employees and customers.
“To address, prevent, and fight back against both third-party online fraud and first-party chargeback fraud, merchants will need to take a multi-faceted approach that includes a combination of technology, policies, and procedures.”
