BUILDING SUPPLY INDUSTRY ASSOCIATION - Spring 2019 - 16
BY MARC WEBER, BASELINE PROCESSING
So-called "Friendly Fraud"
is on the rise - and it's
riendly fraud now accounts for around 86% of all chargebacks, according
to a recent whitepaper from Global Risk Technologies. It can cost your
business in many ways: lost revenue, lost merchandise, chargeback fees,
shipping costs, transaction fees and the time it takes to deal with the dispute.
Unlike identity theft fraud, where a stolen or cloned credit card is used to complete a
purchase, friendly fraud occurs when an authorized cardholder disputes a legitimate charge,
and the bank forces through a refund under the pretense that the merchant has done
NEWS MAGAZINE | BSIA NEWS | SPRING 2019
Table of Contents for the Digital Edition of BUILDING SUPPLY INDUSTRY ASSOCIATION - Spring 2019