Chargebacks911® Exec’s New Guest Feature for The Green Sheet
Chargebacks911 COO Monica Eaton was invited to offer her insight on chargebacks and the COVID-19 crisis for the latest issue of The Green Sheet.
The Green Sheet has provided original coverage of important and emerging issues in the ever-evolving payments industry since 1983. They were the first publisher to focus exclusively on the payment industry's ISO and merchant level salesperson channel. Today, they continue delivering breaking industry news, interactive discussions, and more.
As Monica notes in her piece, the travel sector is perhaps the hardest-hit industry as a result of the COVID-19 pandemic. Customers are canceling plans and looking to recover their funds, which is leading many to turn to chargebacks as a solution.
"As a result, travel operators and airlines are experiencing a huge influx of illegitimate chargebacks, also known as friendly fraud,” Monica says. “Companies in the travel sector should expect this type of fraud to increase three-fold before COVID-19 begins to subside, with the vast majority still to come.”
Industry players like Visa are taking steps to try and mitigate the worst effects. However, merchants are still vulnerable to significant losses. They’ll need to take quick action to protect themselves from the surge in chargeback activity to come in the next several months.
"The impact of COVID-19 means it's even more important for companies to keep up with their defense strategies…To prioritize survival, businesses would be well advised to shift their focus from keeping customers happy and instead should protect their revenue and business to ensure they are around to serve thankful customers in the future.”
