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Chargeback solution aims to protect retailers from fraud and loss

Signifyd announced the availability of Signifyd Chargeback Recovery, a solution which allows merchants to address different types of chargeback. It said it allows retailers to enjoy the certainty that the buying experience they’re providing consumers is protected by the new solution, not just from fraud, but also from abuse, process issues and revenue loss.
It said chile consumer abuse, sometimes called friendly fraud, amounts to more than $15 billion in annual chargeback losses, merchants need to be careful not to overreact and blindly fight all chargebacks. Bad customer experiences, it warned, can cost companies a lot of money. In a Signifyd survey, 38.2% of consumers said they would give a retailer one more chance after a single bad experience before turning their back on the business. Nearly 15% are zero-tolerance shoppers. One bad experience, which could be an unwarranted chargeback dispute, and they’re gone.
“During business reviews with our merchants, we noticed that managing the remaining, non-fraud chargebacks was still a significant issue for many merchants,” said Gayathri Somanath, group product manager at Signifyd. “Analyzing the problem further, we believed that we could streamline the process for them to ensure their customers are treated well, while abusive consumers are stopped and revenue lost to them is recovered. We tested various iterations with beta customers until we got it right and are excited to announce its general availability today.”

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