It’s Time to Separate Fraud Fact from Fiction
The majority of merchants assume that there is only so much they can realistically do about online fraud. Fraud and the resulting chargebacks are generally accepted as a cost of doing business.
The majority of merchants assume that there is only so much they can realistically do about online fraud. Fraud and the resulting chargebacks are generally accepted as a cost of doing business.
While most merchants believe the majority of chargebacks are the result of criminal fraud, the truth is that unauthorized transactions accounts for less than 10% of all chargebacks.
Chargeback fraud is never fun. There is one hidden perk, however, even if it is pretty insignificant: once you know individuals have engaged in fraudulent activities you can prevent them from victimizing you again in the future.
Which task provides more value to your business: managing chargebacks or maintaining customer loyalty? Unfortunately, many merchants sabotage one while trying to generate ROI with the other.
One of the most disheartening discoveries a merchant uncovers is the double refund. Double refunds mean double the revenue loss.
What is one of the biggest complaints merchants have regarding chargebacks? Without first contacting the business, a consumer disputes the transaction with the bank,
Both merchants and consumers benefit from recurring payment plans. Recurring transactions make products more affordable for the consumer. Merchants enjoy the predictable cash flow and payment timeliness.
As is the case with any other type of fraud, chargeback fraud involves dishonest practices. Although chargebacks are intended to protect consumers from unfair merchants and identity theft, these bank-facilitated refunds are increasingly misused by consumers.
Credit card fraud is a threat to all card-not-present merchants. Fraudsters use stolen credit card information and complicated technology to scam merchants out of both products and profits.
Friendly fraud is a costly threat that can inflict critical long-term damage on a business, especially online merchants and others that accept card-not-present transactions. Unless merchants take strategic steps to reduce friendly fraud,