How to Prevent Online Fraud from Hitting Your Business In 2017, the number of consumer complaints about fraud, identity theft, and other concerns dropped to 2.68 million, according to the Federal Trade Commission’s 2017 Sentinel Network Data Book. There were 2.98 million in 2016. Despite the decrease in overall complaints, consumers still reported a total loss of $905 million to...
It’s pretty clear. Many shoppers opt to “Click and Collect” or “Buy Online, Pick Up in Store” (BOPIS) to avoid shipping costs, ensure their purchases were correct, and to get items sooner. The increased interest is why mega retailers, Target and WalMart plan to expand their BOPIS services. By the end of 2018, both retailers plan to expand their click...
Online payment fraud doesn’t stop to be a threat. Merchants in the US are overwhelmingly attacked by fraudsters. The eCommerce industry’s loss accounts for billions of dollars due to chargebacks. Is chargeback insurance something you’re interested in? Just go on reading this article and you’ll learn what you need. Fraud Losses: Need Chargeback Insurance? eCommerce companies are applying more advanced...
As the world continues to move full throttle away from cash transactions, cybercriminals have stepped up their games in terms of fraud. In 2017, there were 16.7 million reported victims of identity fraud, which is equivalent to 6.64% of the U.S. population, according Experian, one of the three major credit reporting agencies. Compared to 2016, this was a more than...
Though 82% of the 1,000 online, multi-channel and mobile commerce merchant surveyed dispute chargebacks, many indicated that they lack the necessary expertise to get them reversed, according to Kount’s State of Chargebacks 2018. The long, tedious process surrounding the dispute process, as well as merchants’ lack of skills and knowledge to get chargebacks reversed, are why one-fifth of merchants win...
Online chargeback is a thing that business owners should be wary of when selling services or products online. Are you dealing with chargebacks? What are the reasons? How can you prevent chargebacks? This article will give answers to your questions. What Is a Chargeback? The groundwork for credit card chargebacks is associated with The Truth in Lending Act of 1968....
It’s estimated that Americans lose approximately $50 billion a year to financial scams, and there are indirect costs like bounced checks, late fees, trouble meeting monthly expenses and even bankruptcy. So, it’s no stretch to say that fraud also results in emotional costs, which are, in fact high. 50% of victims report having felt severe stress, and over 1/3 report...
Approximately 25% of a retailer’s annual returns are associated with the few weeks following the holidays. Product returns are even more pronounced in the eCommerce field. During the 2016 season, 1 out of every 3 purchases were returned. Chargeback Protection Chargebacks are of special concern during the holiday season since eCommerce dominates the holiday shopping season, with steady year-over-year (YOY)...
The holiday season is usually as hectic as it is jolly for retailers. Sales generated during the holidays contribute to the bulk of a merchant’s annual revenue. On the other hand, the sky-rocketing demand usually leaves businesses gasping for air. And, as if managing and satisfying deal-hungry customers isn’t overwhelming enough, there’s also the many cases of fraud and chargeback...
Who is a High Risk Merchant? Any merchant who has one or more of the following characteristics is considered high risk: irregular high-ticket sales a record of high chargebacks Falls in an industry that major banks are not willing to support, or Any other highly regulated industry. Note that this high risk merchant account classification depends on your industry category...
