Tampa Bay, FL, Nov. 10, 2020 — Chargeback dispute management specialist Chargebacks911 has launched a new ebook to help merchants navigate emerging fraud and chargeback risks resulting from the COVID-19 pandemic, during seasonal sales days this year, including Black Friday and Cyber Monday.
The ebook, entitled “The Chargeback Holiday Handbook, Minimizing Fraud and the Impacts of COVID-19 During the Peak Sales Season,” offers insight into the shopping, fraud and chargeback trends which have been driven by the pandemic, including the current threats to merchant revenues.
It gives readers a clear action plan for mitigating payment disputes, explaining best practices for putting preventative measures in place, identifying the cause of chargebacks and challenging friendly fraud. It also gives practical advice about adapting their businesses so data is used for effective protection against chargebacks.
The sudden spike in chargebacks, friendly fraud and criminal fraud throughout the pandemic – as highlighted by the ebook – has taken place for a number of reasons and has resulted in some industries facing 10 times the amount of chargebacks than prior to the outbreak, while non-fraud chargeback issuances were up 23% globally in June when compared with the same time last year.
With lockdown restrictions in place and customers buying goods from the safety of their homes, companies across all industries have been forced to go digital and there has been a 74% growth in online shopping since COVID-19 began. As a result, the bustling online space has become fertile ground for criminal fraud and chargebacks – with growing levels now remaining higher than usual due to increased online spending.
Furthermore, the problem has been exacerbated by changes in consumer behavior that took place during the pandemic, as panicked consumers impacted by furlough or job losses, are now turning to chargebacks to recoup money. What’s more, as they are shielded by online anonymity, while there is no-one to confirm that a package arrived safely at the point of exchange, friendly fraud has become increasingly easier to commit and is a growing problem.
These trends will be prevalent throughout this year’s seasonal period including during and following peak sales days such as Black Friday and Cyber Monday. The practical tips and advice throughout the ebook aim to help merchants defend themselves against these risks.
“We’re going into the 2020 ‘golden’ season under completely different circumstances,” said Don Bush, VP of Sales and Marketing at Chargebacks911. “Consumer shopping habits are different, transaction volumes have been bolstered in unusual ways and fraud trends are morphing. While there’s great opportunities, it’s also a highly risky environment for merchants and adds another layer of complexity to their planning for the period.
“Higher online order volumes often mean higher online fraud rates and increased chargebacks, and we’ve seen industries across the board suffering losses as a result of that this year. But it’s vital merchants don’t sit back and accept these losses as simply a cost of doing business. We expect the rise to continue, even as the world attempts to return to some form of normality – and merchants need to do everything they can to protect revenues and ensure that this usually profitable time of year doesn’t become a costly disaster.”
To gain access to the ebook and be automatically registered for the webinar on the 17th November click here.
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About Chargebacks911
Founded in 2011, Chargebacks911 is the first global company fully dedicated to mitigating chargeback risk and eliminating chargeback fraud. As industry-leading innovators, the company is credited with developing the most effective strategies for helping businesses maximize revenue and reduce loss in a variety of industries and sectors within the payments space.
It provides comprehensive and highly scalable solutions for chargeback compliance, handling services and fraud strategy management. The company helps decrease the negative impact of chargebacks, thereby increasing revenue retention to help ensure sustainable growth for every member of the payment channel.
Chargebacks911’s unparalleled category experience and Intelligence Source Detection (ISD™) technology help identify the true source of chargebacks, optimizing revenue recovery opportunities, mediating disputes, safeguarding reputations, and proactively preventing future fraud.
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