Businesses that use the FraudLabs Pro, Fraud Prevention Intelligent Machine, can minimize fraudulent behavior such as chargeback fraud, friendly fraud, account takeover fraud, and so on.
FraudLab Pro uses its FraudLab Pro Fraud Prevention to help companies to protect their online stores from payment fraud. They use sophisticated algorithm engines to detect fraud orders by validating all elements such as geolocation, proxy, email, blacklist, credit card, transaction velocity, and others. Fraud detection reduces chargebacks while increasing revenue.
Chargebacks occur when a cardholder turns to their debit or credit card provider to request that a retailer give their money back because it is linked to a fraudulent or disputed transaction.
"Chargeback requests used as a weapon against stores have increased in recent years. This paves the way for chargeback fraud. Chargeback fraud includes any fraudulent behavior related to a chargeback request or the process itself. Chargeback requests made under false pretenses are included. Using our Fraud Prevention Intelligent Machine, we can help businesses detect fraud orders and reduce chargeback losses by combining it with blacklist data from our global merchant network."
Here are four common reasons why a merchant would receive a chargeback request:
- Merchant Error: Occurs when the merchant ships the wrong item or there is a technical mistake
- Unauthorized Payments: These occur when someone uses a card without permission
- Card Fraud: Occurs when the card details have been stolen by fraudsters, and they purchase goods without the cardholder’s authorization
- Friendly Fraud: This is also known as chargeback abuse, third-party fraud, or “liar-buyer.”
FraudLabs Pro is suitable for reducing online fraud risks in any size of business, from startups to large corporations. For improved fraud protection, FraudLabs Pro Intelligent Machine allows users to customize and automate validation rules based on their business needs. Chargeback fraud can be effectively reduced by utilizing their valuable fraud data.
FraudLab Pro offers a Free plan that companies can start protecting their online businesses from chargeback fraud for free. Signing up does not necessitate the use of a credit card.
Name: KL Liew
Email: Send Email
Organization: FraudLabs Pro Fraud Prevention
Release ID: 89084751
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