As global eCommerce continues to grow, along with global fraud rates, it is no longer effective to focus on chargebacks alone, nor indeed on fraud alone. A holistic approach is required, all while keeping the customer UX of service at the heart of any approach. In a practical sense, this can mean paving the quickest route possible to online checkout and easily clickable browsing options for resolving any issues through the service, rather than claiming a chargeback through an issuer. Some good old customer service can also go a long way to improving the customer UX and finding a resolution to avoid the leap to a chargeback dispute.
As for tech solutions, AI-powered anti-fraud and chargeback management
can aid the process of automatic and real-time monitoring of every single user behind an account - from registration, and use of service to pre and post-payment disputes. Behavioral biometrics
can ease the efficiency of the whole process by distinguishing fraudsters from bots and dishonest customers from legitimate users, all while analyzing data attributes that can also indicate suspicious network and device settings
. Keeping on top of all potential chargeback and fraud issues will not only improve your company’s reputation but allow you will benefit from higher transaction acceptance rates - and with this, higher revenues.
If you are interested in learning more about chargeback protections for merchants, we have just the solution for you. Click 'book a call' at the top of this page or contact Neil directly via email at firstname.lastname@example.org or via LinkedIn.