Building a Proactive Fraud Prevention Framework
Ethoca and Verifi alert retail merchants about possible disputes while the cardholder is still in contact with the bank, normally giving time frames such as a 24 to 48 hours window for voluntary refunds. These notifications contain information such as the amount in dispute, a reason for disputing, as well as contact data of the cardholder; thus giving a chance for pre-empting closing potential issues before they are formal chargebacks . This is most valuable for subscription businesses since it monitors consumers complaining about a recurring charge from being classified as closures of merchant accounts. Also, it allows spikes like products that have many “item not as described” complaints generated by merchants. This information can help shape listings or improve quality control.
The Long-Term Benefits of Early Fraud Intervention
Fraud controls not only provide loss prevention but also allow you to accept payments. Banks and acquirers evaluate chargeback ratios closely, with an account freeze or increased processing fees potentially levied if these ratios cross benchmarks such as 1%. By giving early fraud detection, you assure better health for your merchant accounts, thereby avoiding getting onto industry-prohibited lists such as the MATCH list. Detailed anti-fraud logs further substantiate your case if a chargeback comes up, showing there were valid transactions. They create a track record that builds trust with your payment partners, who, in turn, may offer you lower reserves or better rates. Perhaps most significantly, they also protect your brand reputation, ensuring that customers won’t associate your business with other security problems or instability.
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