Top Banks Look to Verifi for Fraud and Chargeback Prevention Support
LOS ANGELES, CA – May 17, 2016 – In a development that illustrated the company’s leadership position, Verifi, Inc., a provider of payment and risk management solutions and chargeback prevention and recovery services for card-not-present merchants, announced that their Cardholder Dispute Resolution Network (“CDRN”) experienced a 117% increase in fraud dispute issuer participation along with a 50% increase in issuers supporting non-fraud disputes.
CDRN’s patented closed loop network has consistently shown year-over-year growth since its launch in 2007, based on the unmatched accuracy and quality of its solution. Accordingly, the recent and dramatic surge in fraud and non-fraud portfolio activity illustrates that top issuing banks are increasingly looking to Verifi to address their payments challenges.
“Credit card fraud is expected to rise, due in large part to the US adoption of EMV standards,” said Matthew Katz, founder and CEO of Verifi. “Issuing banks and merchants look to Verifi and CDRN to develop and maintain an effective ecosystem that empowers them to resolve cardholder disputes efficiently while supporting the customer experience and avoiding costly chargebacks for all parties.”
Verifi is committed toward the constant improvement and expansion of their services to deliver greater operational efficiencies to the cardholder dispute and resolution process. The company is in the process of expanding their award-winning service offerings further to provide issuing banks and merchants with an even higher level of order validation and transaction details to increase sales, improve the customer experience and prevent chargebacks and fraud.
Issuing banks and merchants easily integrate with Verifi’s CDRN to create a seamless platform where both parties can collaborate and resolve both fraud and non-fraud disputes in near real time and before they become chargebacks. Chargebacks are a painful problem, costing merchants as much as $40 billion per year and these risks are expected to increase further in the US now that the EMV standard has been rolled out. Whether true fraud (identity theft, stolen payment cards) or “friendly fraud” (buyer’s remorse, or billing confusion), it is estimated that every $100 in fraud and chargebacks can cost a merchant as much $308 in time, fees, penalties and lost product.
CDRN’s unique and patented, closed loop process directly integrates with top issuers and leading case management platform providers like Pegasystems, Lean Industries and Data Support Systems to provide unmatched protection and accuracy to stop chargebacks while avoiding false positives and service errors that result in lost sales, increased costs and decreased profits.
Broader adoption of Verifi’s CDRN is due in part to the company’s ongoing commitment to provide the best quality service and the most comprehensive coverage for both fraud and non-fraud related chargebacks. Since its launch in 2005, Verifi has continually enhanced its service offerings in accordance with industry demand, analyst forecasts and most importantly the future needs of its clients. This dedication to continual innovation in order to serve an evolving marketplace ensures that Verifi customers remain satisfied as Verifi services adapt ahead of the card payments industry.
Verifi, an award-winning provider of end-to-end payment protection and management solutions, was founded in 2005 to help merchants effectively manage the payments challenges they face every day. Verifi helps merchants safely process payments, combat fraud, prevent and resolve costly chargebacks, as well as increase billings and keep loyal customers. Our best-in-breed solutions and white glove support are trusted by a wide range of industries from emerging companies to the Fortune 500. Headquartered in Los Angeles, California, we process more than $20 billion transactions annually and currently serve more than 12,000 accounts globally. For more information, visit: www.verifi.com.
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