As a busy merchant, you process card payments daily and you may have a large staff with different people handling those payments throughout the day, which makes implementing fraud avoidance procedures a little trickier. Here are some quick and easy tips you can incorporate today.
Chargebacks will suck the cheer right out of your holiday sales this season which is why we’ve compiled a list of tips to avoid them whenever possible. Reportedly 86% of all chargebacks are probable cases of ‘friendly fraud’ or mistakes by the customer, and at the current rate, friendly fraud will cost merchants upwards of $25 billion a year by 2020. Fraud attempts rose 33% in 2016, while successful fraud attacks increased 32%. Merchants lose out on $118 billion in sales due to false positives each year. So read on because this is important stuff!