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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.
Chargeback fraud, commonly referred to as friendly fraud or first-party fraud occurs when the customer requests a refund from the merchant after a purchase is made. The consumer files a fraud claim with their bank indicating they didn’t participate in the transaction. There are occurrences where the goods or services are consumed, but later the consumer claims they never received or used them. The truth is, there is nothing friendly about this type of fraud… There may of course be times when an honest error has occurred such as billing misinformation or when a package left at a customer’s address without a signature is stolen or the item is delivered to the wrong location. But in most cases, the customer consumes the item, files the chargeback and the item is not returned to the merchant.
In instances of chargeback fraud, a customer may claim:
As you can see from this list, these are all legitimate claims and because of this, it is very challenging for you to dispute these statements. As is the case with all chargeback claims, it is up to you to prove that the customer did receive products or services as requested.
The challenging aspect for you is in getting the customer to return the item and/or in proving that the item was delivered as requested. It is estimated that friendly fraud or chargeback fraud costs merchants $11.8 billion annually.
To learn more about chargeback fraud and how you can protect your business from such costly claims, read our collection of articles about chargeback fraud and your business.
Just like all chargebacks, the onus is on you to prove that a chargeback claim is indeed fraud. Prevent chargebacks by following these steps:
While there is no guaranteed sure-fire way to prevent chargeback fraud, doing the above and using a proven revenue recovery system such as Verifi’s Premier Chargeback Revenue Recovery Service is highly recommended. Spend your time and energy on running your business and let Verifi solutions increase your chargeback win rate, save you time, and recover lost profits that are rightfully yours – all without consuming your scarce IT resources.
To learn more about chargeback fraud, download and read This white paper will provide you with insights and information on how to adequately screen for fraudulent orders and prevent them from happening.
If you have any questions about chargeback fraud or would like to learn more about our Solutions and how they can be used to allow your business to thrive and succeed, don’t hesitate to contact us.
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