As published by The Paypers, Jan. 31, 2020
When companies are tackling fraud, it can be a challenge to distinguish between criminal fraud, friendly fraud, and legitimate disputes. Yet, the ability to quickly and accurately segment fraud can help businesses do more than mitigate their fraud challenges – it can also improve operations and increase revenue.
Kount, the AI-driven digital fraud prevention solution provider, offers the industry’s first complete solution to accurately uncover and address the following:
- Criminal fraud: fraud from stolen credit card numbers or other types of financially malicious activity that result in chargebacks;
- Friendly fraud: when a consumer makes a purchase with their credit card and then disputes the charges with the issuing bank rather than requesting exchanges or refunds from the merchant. In some cases, the customer intends to dispute the payment and keep the goods or services, but more often, there may be a misunderstanding. For example, a consumer may not recognise a charge due to a confusing billing descriptor, or they may have forgotten a spontaneous purchase, or the purchase was made by a family member;
- Legitimate disputes: authentic customer disputes and chargebacks resulting from these, for example, a product arrived damaged, late, was misrepresented in sales materials, or lacks customer service contact information.