With the surge of credit card transactions during the pandemic is the seemingly inescapable cascade of disputes and chargebacks that eat into profits and create back-office havoc. Many companies still handle disputes and chargebacks in-house, while an increasing number are finding that third parties specializing...
There is a proliferation of individuals who abuse chargebacks, promotions, returns or merchant and financial services firms’ policies to get free merchandise or payouts, often in plain sight. This so-called first-party fraud — thus named because fraudsters often use their own identities rather than concealing...
Credit card transaction volume during the past two years has presented something of a model of the rest of the economy since the pandemic began — a sharp drop-off, followed by a rebound. Credit card transaction volume jumped 26% in 2021, and accompanying this increased...
To quote that old song: “To everything there is a season.” And payments, there are seasons for disputes. In an interview with Karen Webster, Verifi CEO Sara Craven said that the summer looms as fertile ground for disputed transactions as companies struggle to keep...
Payment information company SurePay has teamed up with Virgin Money to help the company implement its U.K. Confirmation of Payee (CoP) solution to guard consumers against fraud and misdirected payments, the companies said Monday (June 13). According to a news release, the solution lets consumers...
If knowledge is power, then data is money. That is, data directs merchants and brands to who’s spending and on what, making it a precious substance in the commercial world. Moreover, consumers are getting digitally savvy. In 2022 they better understand the value of their...
Digital identification firm Prove Identity is partnering with financial firms and mobile carriers in the U.K. and using its Trust Score to step up the fight against authorized push payment (APP) fraud and scams. Prove’s Trust Score aims to help banks better fend off APP...
More business is going into digital channels and will continue to, and that fact is driving historic spikes in online fraud that are holding businesses back and costing opportunity in the process. For the study “Reframing Anti-Fraud Strategy: Developing A Proactive Approach To Fraud Risk...
Digital payments are taking the world by storm, with their total transaction value expected to hit $8.5 trillion by the end of this year. Gone are the days of electronic payments being solely the domain of large corporations via wire transfer, with peer-to-peer (P2P) payment...
