A Digital Death Blow to Chargebacks
As the shopping season approaches, chargebacks remain top of mind with retailers.
Chargeback prevention and mitigation solution Global Risk Technologies and risk management and fraud prevention software Inform GmbH, however, have announced a partnership that will provide merchants in Europe and the US with an end-to-end-chargeback prevention solution to deal with the increase of card not present (CNP) chargeback rates.
Global Risk Technologies has essentially connected with INFORM's anti-fraud solution RiskShield to provide intelligence for both source-point assessment and post chargeback dispute activity. The partnering of front-end, risk-based authorization and fraud detction technology with back-end, post-chargeback source detection and revenue recovery should help mitigate most chargebacks - which happens to be up a staggering 41 percent in the past two years.
"Online shopping has forever changed the buying behaviors of consumers," said Colum Rafferty, Business Development Director at Global Risk Technologies. "Merchants and acquirers must deploy commercially sensitive tools to eliminate friction inside the business and minimize future losses across the value chain. Coupling these leading anti-fraud tools will free up valuable resources so merchants can focus on infrastructure, growth, advertising budgets and inventory management."