Losses of eCommerce payment processing fraud are mounting. Fraud guarantees are increasingly becoming popular. No matter you’re interested in an American Express chargeback or reliable fraud prevention techniques, a respectable processor can help you with all this. To know more, just keep on reading below.
Never-Ending Fraud: What Do Numbers Show?
According to Al Pascual, Javelin Strategy & Research’ssenior vice president and head of research, card-not-present (CNP) fraud is still on the rise. Merchants can devote more time and efforts year after year to combat fraud and deal with chargebacks. Another option is to pass that responsibility to someone else.
Juniper expects the US and Asia will represent 80% of CNP fraud by 2021. According to Thomson Reuters,fraud “steals” over 7% of merchants’ annual revenue, and fraud types range from ID theft to data breaches.
Before you’d start deploying a fraud counterstrategy, it’s important to carry out thorough proprietary risk audits. Otherwise, you won’t be able to reveal your unique threat exposures.
What about the chargeback guarantee model (CBG) in fraud detection? Well, CBG ensures the fraud solution provider guarantees to pay the chargeback costs for any transaction they recommend to acceptthat results in a chargeback due to third party fraud.
Another feature of the CBG model implies that the merchant gives up visibility control and puts a limit on merchants’ ability to gain deeper insights into fraud.
Fraud Prevention:American Express Chargeback
Bad actors use digital commerce channels to their “advantage.” Cybercrime has turned into a huge problem both for large and small companies worldwide. Did you know that US businesses and consumers have lost over $1.4 billion in 300.000+cyberattacks reported in 2017?This is according to the Federal Bureau of Investigation (FBI).
According to recent research in the field, global fraud losses are anticipated to make up $6 billion by 2021, more than doubling the $3 billion worldwide in 2015.
Reputable payment services providers are going above and beyond to prevent online fraud. Many of them provide merchants with anti-fraud systems to guarantee extra layers of protection against fraudsters. So, if you’re interested in payment processing issues like fraud, American Express chargeback, etc., work with a true professional to equip your eCommerce merchant account with the best utilities. As a result, you can identify and predict patterns of fraud and protect your business to the best.
Look for a respectable credit card processing company that offersan alert system to allow merchants to resolve transaction disputes directly. With the right prevention system, you can achieve the highest rate of chargeback resolution in the most efficient ways.
Based on 2018 market research, today’s cybersecurity market accounts for $120 billion, which is a roughly 13.500% increase as compared to a decade earlier. In addition, spending is forecast to reach $1 trillion by 2021 since companies are making more investments in advanced prevention solutions. Many of these companies are already applying artificial intelligence (AI), data analytics, machine learning, as well as other technologies to make their cybercrime defenses stronger.
Author Bio: Electronic payments expert Blair Thomas co-founded eMerchantBroker, serving both traditional and high-risk merchants interested in an American Express chargeback, and more. His passions include producing music, and traveling.