Monica Eaton of Chargebacks911 was recently featured in a new article published by widely-read industry publication Home Textiles Today.
Home Textiles Today is a leading source of news in the design and property development, and construction space. The also publish product trends and introductions, exclusive industry research, consumer data, store operations solutions, trade show news and much more.
Chargeback abuse, commonly referred to as “friendly fraud,” has been a problem for years. But, the problem is getting worse; as mentioned in the article, merchants will lose as much as $48 billion in 2023 from fraud. This is a 16% increase from last year’s $41 billion loss.
So, why is this being allowed to happen? Well, the answer is complicated.
“The trouble with friendly fraud is that it constitutes a particularly gray area that banks are hesitant to investigate," Monica says in the piece. “Banks tend to err on the side of their customers in a dispute, even if their customers fail to understand the rules or just generally disregard them,” said Monica Eaton, founder of Chargebacks911, a provider of chargeback prevention technology. “These situations arise from commonly misconstrued return policies, merchant error or malicious intent.”
In the piece, Monica recommends fraud prevention best practices like comparing billing information, using AVS, and blacklisting chargeback abusers to cut down on the problem.