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 not more so can be implemented after the purchase to prevent chargebacks. These solutions include, Financial Web’s customer service, clear bank descriptors, and easy return policy suggestions. Deciding on a friendly fraud policy is a balancing act. The ultimate goal is to retain revenue by preventing friendly fraud but also to recover lost revenue.