Today, cybercriminals and their malicious intent to extort money dominate the cybercrime conversations, but “friendly fraud”, where a kid inappropriately, without the parent’s consent, makes purchases on a credit card costs merchants more than $15 billion annually in chargeback losses, as per reports.
Along with these so-called friendly frauds, if we tag along the legitimate chargebacks, and cybercriminals that intentionally exploit the chargeback to commit fraud, the issue is alarming from an e-commerce merchant’s point of view.
Signifyd, a San Jose, California-based anti-fraud solution provider, has come up with a new solution – Signifyd Chargeback Recovery, to help merchants better tackle these chargeback challenges. The Chargeback Recovery solution enables merchants to effectively respond to all types of chargebacks –legitimate or fraud, friendly or not.
According to Gayathri Somanath, Signifyd group product manager, the company’s business reviews with merchants, raised certain bars and tension among them, it was further noticed that after successfully segregating fraud and non-fraud chargebacks, it was still a significant challenge to deal with the latter. On further analyzing the issue, Signifyd came up with the idea of streamlining the chargeback process for merchants, to ensure fair treatment for true customers, while blocking or stopping the abusive ones and recovering the revenue lost to them.
The company’s Signifyd Chargeback Recovery is further expansion of its Commerce Protection Platform for online merchants. The chargeback recovery solution with its AI-optimized engine scans through Signifyd’s data network of more than 10,000 merchants and 250+ million consumers worldwide to analyze individual chargebacks in a matter of mere milliseconds.