TAMPA BAY, Fla. (PRWEB) March 20, 2018
Data shows that up to 86% of chargebacks are likely cases of friendly fraud, and friendly fraud claims have increased 41% over the last two years.(1) To help eCommerce merchants combat rising fraud, leading dispute mitigation and loss prevention firm Chargebacks911 has launched a new Enriched Alerts Service. The service is now available as part of Chargebacks911’s comprehensive dispute mitigation and remediation platform, which has earned the 2016 and 2017 Customer Choice Award for Best Chargeback Management Solution during the annual CNP Awards.(2)
According to Monica Eaton-Cardone, co-founder and Chief Operating Officer (COO) of Chargebacks911, the new Enriched Alerts Service will not only reduce the onset of chargebacks but also the related mitigation expenses. An earlier version of the technology, Chargeback Prevention Alerts, was introduced several years ago to support alerted transaction refunds within a designated time window, which was intended to prevent chargebacks from being processed.(3)
Rising chargebacks have made it increasingly difficult for merchants to differentiate between true criminal fraud, which justifies a refund, and friendly fraud, which should be disputed. Eaton-Cardone notes that “an alarming percentage” of false-positive (friendly fraud) claims are being refunded via alert-type products; however, when merchants refund an alerted transaction, they forgo the opportunity to reverse the chargeback and recapture lost revenue. Considering that 40% of customers who file a chargeback will file another one within 60 days,(1) merchants who do not investigate and dispute potential cases of friendly fraud may see their chargebacks continue to increase.
“Enriched Alerts Service helps merchants overcome these challenges, offering a more flexible approach to post-transaction chargeback prevention,” explained Eaton-Cardone. “In the past, merchants were mandated to refund alerts to avoid chargebacks. With our new Enriched Alerts Service, they now have the opportunity to prevent a chargeback through a digital remedy or cancellation confirmation. In light of the vast amount of friendly fraud we are seeing, we believe this solution is better aligned with merchants’ needs.”
Chargebacks911’s Enriched Alerts Service is the culmination of proprietary loss-prevention technology and issuer feedback, which enables it to deliver better data-driven results. It not only gives merchants the ability to remedy a fraudulent transaction with a refund, but it also allows them to address friendly fraud claims with relevant data.
“We arm merchants with the information they need to make better decisions, which may mean foregoing an automatic refund and pursuing alternative ways to reconcile a flagged transaction,” noted Eaton-Cardone. “This enhancement to our award-winning technology helps clients resolve customer disputes while greatly reducing the overall cost of chargeback prevention. Ultimately, Enriched Alerts Service supports and advances our mission—empowering merchants with more sustainable solutions to guard against fraud and protect their bottom line.”
Chargebacks911 is dedicated to educating and supporting eCommerce merchants with services designed to increase revenue, reduce chargebacks and fight fraud. To that end, Monica Eaton-Cardone and her team will be participating in a number of upcoming industry events, including the MRC Vegas 2018 and the 2018 FStech Awards in London. For details on Chargebacks911’s comprehensive risk management solutions, informative articles and other merchant resources, visit https://chargebacks911.com.
Chargebacks911, known as The Chargeback Company in Europe, safeguards over 2.4 billion online transactions every year, representing clients in 87 different countries. It is the first global company fully dedicated to mitigating chargeback risk and eliminating chargeback fraud, and the company has won the Customer Choice Award for Best Chargeback Management Solution at the CardNotPresent Awards for two years in succession. As industry-leading innovators, Chargebacks911 is credited with developing the most effective strategies for helping businesses maximize revenue and reduce loss in a variety of industries and sectors within the payments space.
Chargebacks911 provides comprehensive and highly scalable solutions for chargeback compliance, handling services and fraud strategy management. With unparalleled category experience and Intelligence Source Detection (ISD™) technology, Chargebacks911 identifies the true source of chargebacks, optimizes revenue recovery opportunities, mediates disputes, safeguards reputations, monitors transactions 24/7 and helps proactively prevent future fraud. To learn more about Chargebacks911, visit http://www.chargebacks911.com.
1. Chargebacks911. “Scary Chargeback Stats”; Medium; October 13, 2017.
2. Chargebacks911. “Customers Choose Chargebacks911 for Second Consecutive Year at the CardNotPresent Awards”; press release issued on May 30, 2017.
3. Javelin Report. “Fraud and Transaction Trends”; February 2, 2018.