Chargeback disputes: the latest attempt by fraudsters to beat the system – and how to make sure they don’t!

We think of chargebacks as being a modern inconvenience and a feature of commercial dealings. Yet, documents dating as far back as 1800 BCE show that the concept was already in existence in ancient times. To avoid being accused of theft – an offence punishable by death back then – sellers and buyers demanded and carefully preserved receipts and title deeds. If it was proven that the goods (even those purchased in a legitimate sale) were stolen, the buyer had an obligation to return them to the original owner, but also had a right to charge back the seller.

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7 tips for how to prevent chargebacks

“Chargeback management”– a term merchants around the world dread. But, chargebacks are a fact of life and can arise for many reasons, many of which are out of the merchant’s control.  Examples of chargeback triggers include:

  1. Fraud
  2. Customer disputes
  3. Processing errors (e.g. duplicate transactions)
  4. Authorization issues (e.g. debiting cardholder)

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Using AI – to Prevent eCommerce Fraud and Secure Payments

As eCommerce continues to grow exponentially, so does fraud. In fact, consumer credit reporting agency, Experian,reports that there’s been a huge 56% increase in eCommerce breaches since 2016. The prevalence of digital payments and transactions, coupled with the number of consumers gravitating towards apps and mobile connectivity, has encouraged criminals to devise newer, more sophisticated methods of stealing money.

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