Friendly fraud is anything but. In fact, the friendly fraud problem continues to grow and merchants are especially vulnerable during the holidays. In some cases, it accounts for 35% of fraud loss! Jared Ronski discusses this issue and lays out tips for merchants looking to cut fraud out of the holiday mix in 2018. Some best practices include:
- Maintain better records
- Update billing descriptors to be clear
- Improve customer service
- Fight and represent chargebacks to recover revenue
At the end of the day, technology is both friend and foe. It may assist customers in perpetrating friendly fraud, but it can also help merchants streamline payments and reduce instances of fraud. Merchants should be proactive and nip fraud issues in the bud before they spiral out of control. You can read the full article here.
