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.