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72% Surge in Friendly Fraud Leaves Businesses Battling Online Shoplifting

Chargebacks911

Wednesday, August 23rd, 2023

Businesses of all sizes face declines in sales and profits in a recession, with chargebacks and friendly fraud further impacting their revenues.

“Businesses must prepare for a spike in friendly fraud that is already costing them billions in lost revenue each year,” warns Monica Eaton, CEO of Chargebacks911.

We would like to offer an exclusive interview/editorial opportunity with Monica Eaton, CEO of Chargebacks911. To speak with Monica Eaton, contact me via [email protected] or call 727-777-4619

Despite receiving and being satisfied with a purchase, a consumer files a chargeback with their bank to get a refund. This leads to friendly fraud, with the consumer retaining the product.

To mitigate chargeback financial impact, especially during a recession, businesses must consistently review and respond to all chargeback disputes to help banks gain an accurate understanding of each situation, thereby enhancing their ability to identify instances of friendly fraud.

Eaton advises businesses to ensure exceptional customer service, keep customers informed about delays, review procedures triggering chargebacks, maintain transparent shipping and return policies, and recognize and address friendly fraud with a chargeback remediation expert.

Monica Eaton can further explain how businesses can assess and address the impact of chargebacks and friendly fraud during economic downturns. Here are a few possible questions you could ask: 

  • With the potential for an economic downturn, how can companies strike a balance between maintaining their revenue streams and preventing chargeback abuse?

  • Given the anticipated increase in friendly fraud, what role can technology play in helping businesses stay ahead of chargebacks and illegitimate disputes?

  • What technology-driven solutions or innovations does Chargebacks911 provide businesses to identify and address the growing threat of chargebacks and friendly fraud?

  • In what ways does Chargebacks911 tailor the solutions to fit the unique needs and challenges of each business?

  • What role does Chargebacks911's remediation solution play in addressing friendly fraud and minimizing its impact on businesses' bottom lines?

For details on Chargebacks911’s comprehensive chargeback management solutions, visit https://chargebacks911.com