Our partner Vesta discusses the key distinctions between chargeback and friendly fraud and how to protect your business from both.
Customer chargebacks present a significant challenge for online merchants, impacting customer relationships and revenue. In light of the escalating credit card fraud, with friendly fraud accounting for up to 60% of all chargeback fraud, it is important for merchants to prioritize effective prevention strategies.
In this article, our partners at Vesta answer the following and more:
- What are the consequences of chargeback problems for online merchants?
- How can merchant errors contribute to chargebacks, and how can they be prevented?
- What are the different types of chargeback fraud, including criminal fraud and friendly fraud?
- What strategies can be implemented to prevent chargeback fraud?
- When and how should businesses seek professional help for chargeback prevention?