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 prevention strategies and tools:
- Questions to consider for merchants looking at a new fraud prevention platform
- Consider Tokenization for Added Security and to Ease PCI Compliance
- Chargeback volumes increase by nearly 50% during the holidays but only 54% of merchants respond to chargeback requests – What gives?
- Building a chargeback protection and prevention program
The holidays are especially sensitive for merchants – chargeback fraud volumes can spike by as much as 50% during this time of year. Rather than trying to prevent every single chargeback – a move that is certain to significantly dent sales – merchants should focus on using chargebacks to fine-tune front-end, pre-sale fraud prevention tools and tactics. Merchants should begin planning now to get ahead of the seasonal sales – and chargeback – rush. Take the following into consideration when thinking about chargeback fraud prevention:
- Analyze your chargeback management strategy within the context of core success metrics
- Be proactive rather than reactive to fraud – start building your holiday prevention strategy now.
- Using chargeback notifications to stop chargebacks and boost ROI