It’s the start of the new year, and we at CB-ALERT decided that we either needed to make some new year’s resolutions or some predictions. We tried making some resolutions and those lasted for about five minutes, so here are our predictions for 2021.
Recently we’ve been talking about CDRN by Verifi, a Visa owned company, and how it can help protect merchants against false and erroneous chargebacks. And you may have wondered whether Mastercard has a similar program.
With ecommerce sales on the rise this holiday season, there’s bound to be plenty of return fraud that follows. Whether it’s malicious, friendly, or family, there are things you can do to protect yourself and reduce the number of return fraud cases you have to deal with.
Travel companies have had a rough year, but we weren’t aware of just how rough until we saw a recent article on the TravelWeekly.co.uk website about how travel agencies and travel providers are being hit with chargeback double-dipping by some of their customers.
As the year draws to a close, Digital Transactions has come up with the 10 Most Pressing Issues in E-Payments, and we were interested to see a few of our own hot-button issues making the list. Here are four of Digital Transactions’ e-payments issues we’re most concerned about, and why.
Friendly fraud is such a problem that it costs the credit card industry $31 billion per year. Friendly fraud and malicious fraud have increased over the last eight months, and many merchants were not prepared to fight it.
If you’re a merchant that has been accepting credit cards for a while, you’ve probably heard about the EMV liability shift and wondered how and if it affected you. If you’re fairly new to accepting credit card payments for your business, you may not even know it was a thing that caused a lot of issues for some people.
If you’ve ever left the house without your wallet or purse, there’s a good chance you still had your mobile phone with you. Of course, you didn’t discover the problem until you arrived at the coffee shop or grocery store, reached for your credit card, and discovered that you had forgotten it.
Ecommerce experts are expecting a rise in consumer fraud, even as — or perhaps because — global ecommerce will increase by 27% this year. Ecommerce has already grown by 21% in September 2020 compared to September 2019. Additionally, as a Forbes article by PayPal reported, Black Friday and Cyber Monday (BFCM) shoppers spent $16.8 billion online last year.
One way for companies to reduce chargebacks is to prevent them from ever happening in the first place. Another way is just to fight every dispute that comes your way, regardless of size and amount. That’s because chargebacks count against your dispute ratio, and if you get enough of them, you’ll be placed in your card networks’ monitoring services which means you pay a higher percentage of all your transactions.
