Chargeback fraud, otherwise known as friendly fraud, occurs when a cardholder contacts the issuer (rather than the merchant) to dispute a legitimate charge in order to obtain a refund while still keeping the item(s). A cardholder might claim he or she never ordered the item, or that the item in question was never delivered. Whatever […]
#PaymentsTips Each month, we’ll help you navigate the emerging trends and forecasts for card-not-present (CNP) merchants with (what we think) are the best pieces of advice from Verifi and across the web. We promise to keep this newsletter short and sweet so let’s get started! Q> Omni-channel brings lots of opportunity…and lots of risk. How […]
Need advice for friendly chargeback fraud protection? Financial Web suggests including requiring signatures, using verification codes, making customer service easily accessible, sending banks clear billing descriptors, sharing blacklist databases and implementing an easy return policy. Merchants should not, however, include so many before-purchase security measures that customers become frustrated. Solutions that are as effective if […]
Frank Stornello, Chief Marketing and Strategy Officer at Verifi Inc., recommends using a chargeback notification protocol designed to catch direct response chargeback fraud post-sale. Although online customers value security, front-end security measures frustrate them. Having to input too many details in order to purchase may cost more in lost sales than the cost of fraud. […]
Chargeback fraud sure to rise as we move into the busy shopping season and afterward; however, merchants should not forget about other threats lurking online. CNP fraud is on the rise and fraudsters are not being shy about using emerging technology and sales channels as their new stomping ground. Other helpful considerations on dealing with increased chargeback fraud, fraud […]
You know that chargebacks can and will cost you. You know that the cost of fighting chargebacks requires not only money, but time, resources and experienced employees. All key business components that you likely don’t have to spare. This is why you need to work with experts, like Verifi, who specialize in chargeback representment and […]
2018 was the “Year of Change,” with more payment brand updates than we’ve seen in quite some time. From Visa Claims Resolution (VCR) and Visa Merchant Purchase Inquiry (VMPI), to 3D Secure 2.0 and MasterCard Dispute Resolution Initiative, the focus to reduce fraudulent and disputed transactions continues to evolve at a rapid pace. As the most […]
When thinking about total chargeback protection, pre-sale fraud prevention tools are important – and essential. But even with increased risks and vulnerabilities during the holidays , merchants should take care not to overreact when it comes to boosting front-end protection. Too much pre-sales fraud prevention can quickly translate to reduced conversions – no one wants to […]
How do you know how much fraud prevention is enough? Payment fraud if a rampant problem on the internet that is only expected to grow. As fraud prevention strategies and technology improve so does the sophistication of fraudsters. Merchants need to act before fraud happens, but not entrench themselves in set solutions. Jeremy Waxman, our […]
The very thing that makes subscription services so valuable is also the driving force behind subscription-related card disputes. Recurring transactions are inherently structured to provide ease so consumers don’t have to remember to make payments. But when service is so streamlined, consumers can either forget what the charge is for when looking at their billing […]