70% of surveyed cardholders who have filed disputes assume unrecognized transactions are fraudulent1
One of the key dispute drivers is rooted in transaction confusion. If the cardholder or issuer do not have enough information to properly identify or validate the purchase, merchants stuck with illegitimate disputes over valid transactions, leading to elevated dispute volumes, higher operational expenses, and an influx of unnecessary fees.
1Payments Report – Short-Term vs. Long-Term BNPL, Issuer-Provided Installment Plans, AI in Banking, P2P Taxes, Card Fraud, and Rewards Debit Cards, survey of US debit cardholders, February 2023
67%
of frequent online shoppers wanted additional detail on their purchase2
2Aite Report: Improving The Dispute Experience: Transparency Is Power – May 2020
40%
of online consumers have admitted to committing friendly fraud3
36%
of consumers would consider committing friendly fraud again4
Verifi’s PREVENT solution suite empowers merchants to bridge the communication gap with transaction transparency and data sharing to automatically deflect confirmed first-party-misuse disputes before chargebacks are initiated.
To learn more about how to prevent friendly fraud, optimize prevention tools, and protect revenue, contact us or check out Verifi’s free educational tools:
WEBINAR: Disrupting Disputes’ Downstream Effects
In our Verifi+ Session, chargeback experts will share best practices for combatting disputes and how you can prevent the negative downstream effects that can even impact your ability to process payments.
2024 Global Fraud & Payments Report
In it you’ll find:
- The scale and type of fraud seen in the global marketplace.
- How fraud changes based on the size of the business.
- A robust set of performance benchmarks that merchants can use to help optimize their fraud management and prevention practices.
