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—Matthew Katz, CEO and Founder
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Trusted by emerging companies to the Fortune 500, Verifi works with a wide range of industries, including top omni-channel and e-commerce merchants to maximize payment yield across the entire transaction lifecycle.
Fraud prevention is a must for every merchant. Ignoring fraud or hoping it won’t happen to you can result in disaster for your business. To help protect your business from fraud, read on to learn about fraud and to find out how you can prevent fraud from ruining your business.
What kind of fraud should I be aware of?
All too often, fraud is referred to as friendly fraud, and it’s this misnomer that causes so many merchants not to take fraud seriously. There is no such thing as friendly fraud. Fraud is theft, plain and simple. The correct name for the fraud that you need to understand is chargeback fraud.
Chargeback fraud happens when a customer makes a purchase with their credit card and then disputes this charge and requests a refund from their credit card company. Chargeback fraud has become more common with the rise in card-not-present purchases and the increase in Internet and mobile sales.
As a merchant, you must have solutions in place that work for you to identify fraud risks. In the event that you become a victim of chargeback fraud, this solution will enable you to successfully represent the dispute.
How do consumers commit chargeback fraud?
To better understand how to prevent fraud, it’s useful to know the most common methods consumers use to commit fraud. Be aware of the following fraud tactics:
These fraud tactics are out-and-out theft. The customer is clearly trying to steal your product and get a refund for it as well. This is essentially the modern-day version of shoplifting.
How can I limit and prevent fraud?
It’s your responsibility as merchant to take efforts to prevent fraud from happening. Admittedly, it’s not easy to prevent or stop all fraud from occurring, but with the aid of a few different measures and processes, you can make it very challenging for your customers to commit fraud.
Keep an eye out for these fraud warning signs:
Make sure you’re doing the following to limit fraud:
While we’d like to tell you that fraud is 100 per cent preventable, it simply isn’t. However, you can take measures to prevent fraud and maintain processes that make it very challenging for thieves to commit fraud.
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