Chargeback Fraud: A Friendly Fraud Alert

In today’s digital world, online transactions have become increasingly common. However, with the rise in online purchases comes the risk of chargeback fraud. Friendly fraud, also known as chargeback fraud, occurs when a customer makes a purchase online and then disputes the charge with their credit card company, claiming they never received the goods or services.

Understanding Chargeback Fraud

Chargeback fraud can have a significant impact on businesses, leading to lost revenue and increased costs. When a chargeback is initiated, the merchant is typically required to refund the purchase amount, along with additional fees. In some cases, businesses may even face fines or penalties if they have a high number of chargebacks.

The Rise of Friendly Fraud

With the convenience of online shopping, friendly fraud has become increasingly common. Customers may dispute a charge without realizing the impact it has on the merchant. In some cases, fraudsters intentionally commit friendly fraud as a way to get a product or service for free.

Preventing Losses with Verdivo’s AI

To combat the issue of chargeback fraud, businesses need a comprehensive solution that can help prevent losses and protect their bottom line. Verdivo is the first fully AI-powered chargeback management platform that can help businesses recover more revenue, automate responses, and protect their business with faster, smarter dispute handling.

Verdivo’s AI technology is designed to analyze transaction data, detect potential fraud patterns, and provide real-time alerts to merchants. By leveraging the power of AI, Verdivo can help businesses identify potential chargeback fraud before it escalates, allowing them to take proactive measures to prevent losses.

Conclusion

In conclusion, chargeback fraud poses a significant risk to businesses operating in the digital space. To protect against friendly fraud and prevent losses, businesses need a proactive and intelligent solution like Verdivo’s AI-powered platform. By leveraging the power of AI technology, businesses can recover revenue, automate responses, and protect their bottom line from the impact of chargeback fraud.