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Friendly fraud chargeback prevention solutions
Assess transaction risks, relay transaction details that help customers recognize purchases, pause shipments, and more to stop friendly fraud chargebacks.
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What is a friendly fraud solution?
In the event of a dispute, a friendly fraud solution can help businesses relay transaction details to issuing banks and help customers recognize purchases. These tactics combined can stop disputes from becoming chargebacks.
Friendly fraud (or first-party fraud) can be accidental, intentional, or the result of a merchant error or policy abuse. As part of Kount’s Assess digital fraud solutions, merchants can also assess transaction risks pre-authorization to make decisions. For example, they can decline or review transactions from identities with high rates of friendly fraud disputes.
Benefits of a friendly fraud solution
Save the sale
When customers recognize purchases, you stop disputes in their tracks. Plus, you get to keep revenue from their purchase and avoid friendly fraud chargebacks and fees that can hurt your business.
Resolve disputes quickly
Helping customers recognize purchases can help you create positive brand experiences. And if you need to refund a purchase, you can do so quickly and further prevent chargebacks.
Prevent inventory loss
Stop one-time and recurring shipments immediately after a shopper initiates a dispute. Don’t lose merchandise to friendly fraud, in addition to losing revenue to chargebacks.
Improve business policies
Reveal gaps in business policies that make it easy for bad actors to commit refund fraud and promo abuse. Adjusting business policies can prevent merchant errors that lead to friendly fraud.
How Kount’s friendly fraud solution works
Kount’s chargeback prevention technology helps merchants reduce chargebacks from friendly fraud. It gives businesses a single dashboard to access friendly fraud solutions from major card brands. As soon as a business receives a dispute inquiry that indicates friendly fraud, they can quickly relay additional transaction details to the customer. In some cases, they can automatically refund the purchase to stop the dispute from becoming a chargeback.
Take a proactive approach to digital payments fraud
Prevent digital fraud across the customer journey with a solution that uses advanced AI with supervised and unsupervised machine learning.
Automatically approve high-trust interactions and decline low-trust interactions. Automating decisions can reduce false positives, increase revenue, and stop fraudulent activity that leads to chargebacks.
Policy management experts identify friendly fraud
Kount’s professional services give you access to dedicated fraud consultants. Our experts can quickly analyze your transactions and chargebacks to identify cases of friendly fraud. Let our experts optimize your fraud policies and reveal how much you stand to gain by eliminating friendly fraud.
New payment methods increase friendly fraud risks this holiday season
Almost half (46.4%) of respondents in a recent Kount survey say they’ll choose BNPL at checkout this holiday season. Meanwhile, 44.95% say they’re likely to purchase a subscription as a gift. New payment methods and offerings like these can drive revenue, but they also increase friendly fraud risks if consumers forget purchases or don’t understand re-billing terms and conditions. Staying ahead of these fraud risks can help you expand options for consumers and keep the revenue.
Ready to prevent chargebacks from friendly fraud?