One of the biggest challenges eCommerce retailers face is avoiding the rising number of chargebacks resulting from CNP fraud. In a 2016 study, online merchants reported that around half their fraud-related revenue loss was a direct consequence of chargebacks.
Many of these are the result of clear cut fraud – where stolen credit card information is used to make a purchase without the authorization of the cardholder. But an increasing number of chargebacks are the result of ‘friendly fraud’, when an individual disputes a purchase, despite having authorized and received it.
These types of chargebacks are much harder to prevent, and the only way to recoup this ‘lost’ revenue is for businesses to dispute the chargeback: provide compelling evidence that the genuine cardholder did indeed authorize the purchase. In such cases, the more evidence a merchant is able to provide supporting the legitimacy of the transaction, the better the chances of successfully disputing a claim.
Riskified has extensive experience detecting CNP fraud for eCommerce retailers, including Fortune 500 companies. But our expertise extends beyond protecting merchants from unauthorized credit card usage, to include identifying individuals taking advantage of the chargeback process, and providing our merchant partners with representment services. Accordingly, we have created a guide to better acquaint merchants with the types of information that can help them beat chargeback abuse. In addition to a comprehensive list of evidence, the guide, which can be downloaded for free, also covers:
- Why chargebacks are filed
- The ramifications of too many chargebacks
- What’s involved in disputing a chargeback
Download your complimentary copy of our Disputing Chargebacks Guide for eCommerce Merchants here. You can also learn more about Riskified’s solution by visiting our website, or contacting us directly: firstname.lastname@example.org