Fraudsters are really cashing in on their illegal exploits. So much that Arkose Labs, a global leader in fraud deterrence and fraud security, has revealed new discoveries into the “global fraud economy.” According to the data featured in the State of Fraud and Security report, the number of “attack attempts” has escalated. Fraud “employment” has also seen a growth of...
Chargebacks were originally instituted so that consumers can confidently enter their credit card information to make their purchases online, risk-free. They have the option of getting their money back if anything was off or if they were unsatisfied with their purchase. However, in the last few years, consumers have been taking advantage of chargebacks, initiating them for reasons outside the...
Customers are shopping online more than ever. According to Cloudwards.net, e-Commerce sales are predicted to hit $5.5 trillion worldwide in 2022. Close to 76% of adults in the U.S. currently shop online. The pandemic certainly drove more consumers to shop online for the first time ever, contributing to the growth of online shopping worldwide. With more shoppers online, more fraudsters...
Merchants have always dealt with chargebacks as part of their everyday business operations. However, the frequency of chargebacks has skyrocketed in the last few years, leaving merchants scrambling for solutions. Chargebacks can happen for a number of reasons: A purchase was made with a stolen credit card A purchase was made with a fake credit card The fraudster changed the...
Every aspect of our lives is affected by how great or poor our personal credit score is. Having good credit opens many doors of opportunities such as access to loans at an incredibly low rate. Insurance premiums can also be dramatically lower. Nowadays, getting well-paying job hinges heavily on your personal credit score. When an individual has poor credit, their...
Although many merchants today will argue that chargebacks are part and parcel of running an online business, it is not something to tackle without some serious reinforcements. The negative repercussions are too great to not have a solid, strategic plan to mitigate them. Chargebacks are a substantial drain on a merchant’s finances. It is more effective to take a proactive...
If the devastating effects of the COVID-19 pandemic were not enough, businesses must also contend with the steady rise of “friendly fraud”. This is when a customer makes a purchase, receives the product, then requests a refund from their credit issuer. This refund is also known as a chargeback. Chargebacks can be deadly for the business bottom line, and eventually...
One of the many challenges that merchants must face when they first open up their business is chargebacks. Given the nature of the online business structure, the higher propensity for fraud due to card-not-present transactions, and simply not having adequate systems in place to address them, chargebacks are going to be a repeat occurrence. The key to keeping your business...
Commercial retailers love the holiday season almost as much as kids do because they receive the best present possible: a flood of revenue streams. The holiday season alone can account for 60% or more of any business’ annual sales profit. The convenience of online shopping and customers trending towards the at-home shopping experience means that merchant accounts will become extremely...
