Almost 8 out of 10 merchants have seen an increase in ‘friendly fraud’ over the past three years.
Chargeback fraud, also known as ‘friendly fraud,’ is when a customer makes an e-commerce purchase with their credit card and then asks for a chargeback from the issuing bank following receiving the product.
According to new research from Chargebacks911, the dispute technology platform, 68 per cent of those surveyed said that the pandemic has caused a growth in their chargeback rates.
The company said that rapidly rising e-commerce volumes had contributed to the threat of friendly fraud.
94 per cent of merchants said that they consider friendly fraud an issue for their business, while less than three in 10 merchants are taking steps to combat it.
“Merchants in every sector have faced unprecedented pressure over the past year, with shifting regulations, an uncertain economy, and the need to diversify sales strategies and channels,” said Monica Eaton-Cardone, chief operating officer and co-founder of Chargebacks911. “This has had a major impact on chargeback and friendly fraud rates.”
Latest News
-
Sainsbury’s to transform food waste into truck fuel
-
MediaMarktSaturn partners with DPD and GLS for parcel services across nearly 400 stores
-
Lululemon opens its biggest EMEA store on Regent Street
-
Birkenstock sandals not art, German court rules in copyright case
-
Tesco launches high-tech security hub to combat shoplifting
-
Currys partners with Deloitte for tech recycling scheme
Poundland significantly reduces antisocial behaviour, aggression and shoplifting with Motorola Solutions VT100 body cameras
Retail should not be a high-risk occupation. As a company, we are focused on listening to our colleagues and customers to help them with the issues they are facing in-store and so far, the feedback on our body cameras has been excellent. They act as a great visual deterrent, help to de-escalate situations and overall, this project has significantly aided our goal to make the retail environment safer.
For further information on Motorola Solutions’ retail security products, including body cameras, click here.
For further information on Motorola Solutions’ retail security products, including body cameras, click here.
Supplying demand: how fashion retailers can meet the needs of customers and still be sustainable
The fashion industry is no stranger to breaking the mould and setting trends, but the pursuit of style can come at a huge cost to the environment.
New legislation, such as the European Union's Ecodesign for Sustainable Products Regulation, will set mandatory minimums for the inclusion of recycled fibres in textiles, making them longer-lasting and easier to repair.
New legislation, such as the European Union's Ecodesign for Sustainable Products Regulation, will set mandatory minimums for the inclusion of recycled fibres in textiles, making them longer-lasting and easier to repair.
© 2024 Perspective Publishing Privacy & Cookies
Recent Stories