Retail

Kount, Chargebacks911 Partner To Prevent Fraud

Preventing any type of fraud in today’s fast-paced and growing retail eCommerce system is a must for merchants. There are a multitude of ways in which customers’ information can be hacked due to the number of smart-enabled devices that help expedite the searching and buying process.

One of the more direct forms of fraud called a chargeback is also referred to as friendly fraud.

Chargebacks typically occur when customers detect fraudulent transactions on their accounts and request the credit card companies to refund their transaction from the retailer. While some of these tend to be legitimate cases of fraud, there are some customers who may participate in buying a piece of jewelry or clothing, wearing it for a few days and then returning it. The retailer has now not only lost out on a sale but likely will need to markdown the price of that item to help move inventory out the store.

There are two companies looking to help significantly reduce the issues of expensive chargebacks due to friendly fraud. With fraud and risk management solutions company Kount and risk mitigation company Chargebacks911 joining forces by integrating their products, Kount Complete™ and Chargebacks911®, the hope is that retailers will experience a decline in fraud.

Kount’s COO, Rich Stuppy, commented on the new product integration and what it means for retailers. He said, “Kount’s new partnership with Chargebacks911 gives merchants access to two industry leaders that are offering solutions for the rapidly growing chargeback problem. Together, these solutions will provide a powerful ROI for merchants while providing them the data and confidence needed to aggressively grow their business while reducing fraud.”

While there’s no surefire way to prevent friendly fraud entirely, the hope for retailers is that there continues to be advancements made on moving the ball forward for dangerous third-party fraud situations in the future.

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Latest Insights: 

The Payments 2022 Study: Building A High-Performance Payments Team For Fraud Detection, a PYMNTS collaboration with Stripe, examines how digital platforms of all sectors and sizes plan to develop their anti-fraud teams as part of their their broader growth and development strategies. Drawing from an extensive survey from approximately 250 payments heads at digital platforms in the U.S. and abroad, our study analyzes how poor anti-fraud capabilities can harm platforms’ long-term growth strategies, and how they can build high-performing teams to tackle these challenges.

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