This holiday selling season may have been a good one for retailers, but every silver lining has a cloud. In this case, one shadow will be cast by chargeback fraud, which can occur when shoppers make purchases with a credit card and then request chargebacks from the issuing bank instead of from the merchant.”Merchants bleed (US)$227 for every dollar lost to e-commerce fraud,” said Robert Capps, authentication strategist at NuData Security, citing data from Kount, a fraud and risk management solutions provider.Etailers are “more susceptible to chargebacks, as they deal in card-not-present transactions,” observed Monica Eaton-Cardone, COO of Chargebacks911.”Deliberate chargeback fraud is predicated on the idea that the cardholder didn’t approve the transaction,” Eaton-Cardone told the E-Commerce Times. “The more distance between a cardholder and the merchant, the harder it is to verity the customer’s identity, and the greater the risk that the transaction will turn into a chargeback.”Opening up to more remote channels “will make the need for chargeback mitigation greater than ever,” she said. Chargeback911 projects chargeback costs will total about $25 billion by 2020, and “many of those” will be fraudulent.Online fraud has increased dramatically, going up 33 percent in 2016. The success of chip-enabled cards “has… Read full this story
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