Fraud is a profound risk confronting merchant-businesses. Technology-driven platforms, notably the Internet and emergence of mobile payments, have complicated an increasingly vexing challenge. Criminals are now more sophisticated and likely to steal larger amounts with bogus identities, compromised card accounts, and specialized knowledge of the transaction process. Shoplifters and thieves have been relegated to second-team status; today’s “bad guys” are identity thieves, hackers, criminals perpetrating return fraud, and a virtually riskless crime “affectionately” referred to as “friendly” fraud. In aggregate, these crimes cost U.S. businesses over $100 billion per year! Ironically, most transaction fraud is uncovered during the chargeback dispute process.
When fraud is discovered by virtue of the chargeback process, your chargeback specialist may refer the case to the GIS fraud department for investigation and possible resolution. Fraud specialists are highly experienced in resolving identity theft, credit card fraud, account takeover, and check fraud. It is possible that fraud specialists can resolve the issues for the benefit of the merchant.
While the focus of Chargeback AdvocacySM is not fraud resolution, the prevalence of the problem and its interconnectivity with chargeback dispute resolution is undeniable. GIS provides solutions to both challenges within Chargeback AdvocacySM.