After a record-setting rise in chargeback fraud primarily driven by the covid-19 pandemic, many merchants were hoping for financial relief and a return to payment normalcy this year. Instead, 65% of merchants surveyed reported an increase in chargeback fraud. It’s a shocking statistic that bears dire consequences for an economy still reeling from inflation and unending supply-chain breakdowns, as explained in our new guest feature for The Fintech Times.
The Fintech Times is a bimonthly publication exploring the explosive world of financial technology. They blend first-hand insight, opinions, and expertise with observational journalism to provide a balanced and comprehensive perspective of this rapidly evolving industry.
“Seeing these kinds of figures coming out of Covid and looking at where our global economy stands, it is a worrying time for merchants,” says Chargebacks911COO Monica Eaton. “The report clearly shows that the chargeback threat is growing faster than ever.”
The report details a real-world look at the health and status of chargeback management in the card-not-present (CNP) space. And, as Monica explains, the potential economic complications these figures may herald are concerning.
“With over 300 merchants surveyed, this report is our most comprehensive field report to date,” said Jarrod Wright, VP of marketing at Chargebacks911. “This data is pivotal in tracking how businesses are handling friendly fraud coming out of a pandemic and moving forward into what could be an even tougher economic climate.”
