Chargebacks911’s New Intelligent Source Detection™ Technology Addresses Top eCommerce Challenges
Tampa Bay, Fla. (PRWEB) June 21, 2016 -- According to the 2016 LexisNexis® True Cost of Fraud Study, “online and mobile channel merchants worry about catching the bad guys without alienating the good ones,” particularly as fraud costs, successful fraud attempts and false positives continue to rise.(1) To help remote retailers address these challenges, dispute mitigation and risk management firm Chargebacks911 introduced its proprietary Intelligent Source Detection™ solution, which accurately differentiates between fraudulent and legitimate chargebacks and enables merchants to develop an effective prevention and representment strategy.
LexisNexis’ latest fraud survey revealed that the cost of fraud as a percentage of revenue increased 11% over last year, climbing to 1.47%; in other words, for every $1 billion in sales, retailers experience nearly $15 million in losses. Large multi-channel, eCommerce and mCommerce merchants report between 707 and 880 fraud attempts each month, with upwards of 60%—or as many as 2 in 3—of those attempts succeeding. Large eCommerce and mCommerce merchants also revealed that 1 in 3 declined transactions turned out to be a false positive. However, remote merchants that employ a multi-layered fraud solution have far fewer successful fraud attempts (1 in 3) and false positives (1 in 5).(1)
“Most merchants realize they need to undertake efforts to prevent and fight fraud if they expect to minimize losses and maximize revenue. But without the right solutions in place, merchants face a greater risk of successful fraud attempts and false positives,” warns Monica Eaton-Cardone, co-founder and Chief Operating Officer of Chargebacks911. “One of the biggest challenges merchants face today is how to distinguish legitimate customers, orders and chargebacks from fraudulent ones. Chargebacks911 uses advanced technology and human expertise to help retailers solve that challenge, and Intelligent Source Detection is a vital part of our comprehensive solution.”
Eaton-Cardone notes that static, single-layer solutions allow a high proportion of “friendly fraud”—unwarranted chargebacks filed on legitimate orders—to slip past, so she set out to develop a dynamic solution that could accurately identify the actual cause of each chargeback. By leveraging her insider knowledge as a former merchant and her technical expertise in the chargeback management area, Eaton-Cardone created Intelligent Source Detection to address this gap in retailers’ fraud mitigation strategy.
Intelligent Source Detection uses patent-pending technologies and expert personal analysis to examine each chargeback claim and determine the real reason behind the consumer’s action, whether it was a case of merchant error, criminal fraud or friendly fraud. Chargebacks911 officials says Intelligent Source Detection is the only technology capable of helping merchants manage all three chargeback triggers.
“This information not only allows merchants to effectively dispute unjustified chargebacks, but it also enables them to assess and change practices that may be contributing to errors or approval of unauthorized transactions,” stated Eaton-Cardone
Several recent awards attest to the effectiveness of Intelligent Source Detection, which was honored in the 2016 American Business AwardsSM with a Gold Stevie Award for Best Business-to-Business Product and a Silver Stevie Award for New Software Product of the Year in the Electronic Commerce Solutions category. Chargebacks911 was also named as the Customer Choice winner for Best Chargeback Management Solution in the 2016 CNP Awards.
In addition to Intelligent Source Detection, Chargebacks911 offers a range of products and services as part of its dynamic, multi-layered solution. These include:
• Merchant Compliance Review to pinpoint and correct merchant errors
• Chargeback Alerts to eliminate the risk of chargebacks associated with credit card fraud
• Affiliate Fraud Alerts to identify campaign threats before they become liabilities and
• Tactical Chargeback Representment to help merchants win more disputes and improve the merchant-issuer relationship.
Collectively, these solutions can help eCommerce and mCommerce merchants minimize chargebacks and fraud while addressing one of their most frequently cited challenges for selling both inside the U.S. and internationally: excessive manual order reviews.(1)
While Visa and MasterCard data indicates that the average merchant wins just 21% of chargeback disputes,(2) Eaton-Cardone maintains that a comprehensive, multi-layered solution with Intelligent Source Detection can help merchants achieve a much higher win rate, thereby lowering chargeback-related losses. And while roughly half of large eCommerce, mCommerce and international merchants cited the fraud control costs as a major concern,(1) Chargebacks911 offers a guaranteed return on investment to ensure clients achieve measurable and cost-effective results.
As part of Chargebacks911’s ongoing commitment to educate merchants on best practices for fraud prevention, Monica Eaton-Cardone will be speaking at the upcoming Ticket Summit in Las Vegas and the Affiliate Summit East in New York. She is also available for interviews and future speaking engagements.
For more information on Chargebacks911 and its comprehensive risk management solutions, including Intelligent Source Detection, visit http://chargebacks911.com.
About Global Risk Technologies and Chargebacks911:
Chargebacks911 is a division of Global Risk Technologies, which is internationally recognized as a leading provider of comprehensive risk management solutions to the payment processing industry. With offices in Europe and the United States, Global Risk Technologies manages over 200 million transactions worldwide each month. Chargebacks911 is headquartered in Tampa Bay, Florida, and specializes in chargeback mitigation and dynamic loss prevention. Founded by merchants in direct response to rising chargebacks and friendly fraud, Chargebacks911 combines insider expertise with proprietary technology and deep analytics to isolate threats, resolve disputes and maximize revenue. From small merchants to the nation’s largest retailers, today thousands of businesses rely on Chargebacks911’s scalable, customizable and fully turnkey solutions to achieve sustainable growth and guaranteed ROI. For more information, visit http://www.chargebacks911.com.
1. LexisNexis. 2016 LexisNexis True Cost of Fraud Study; May 2016. lexisnexis.com/risk/insights/true-cost-fraud.aspx
2. Chargebacks911. “Disputing Chargebacks: 8 Common Myths & Misconceptions”; May 3, 2016. chargebacks911.com/disputing-chargebacks-8-common-myths-misconceptions/
Karla Jo Helms, JoTo PR, +1 (888) 202-4614 Ext: 802, [email protected]
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