What a merchant can do to prevent fraud & chargebacks?
Every dispute initiated by a consumer hits a merchant's reputation. The best way to minimize chargebacks is to prevent fraudulent charges.
There are a few basic steps a merchant may take to control fraud activity and chargebacks:
- Recognizable charge
To make sure the cardholder recognizes the charge on his billing statement make sure that the descriptor clearly states what the charge is for and has contact information, for example, a phone number of customer support.
- Be responsive
If a merchant provides prompt and attentive customer service available 24/7, offering high-quality support, there's a small chance that a customer will have a valid reason to file a chargeback. Make sure that contact information like an email address or phone number is available and easy to find on the website.
- Valid refund policy
Creating a list of strict rules indicating which charges must be refunded as soon as possible to avoid disputes.
Customers must be aware of all the terms your website proposes to agree before making payments and use the service.
3D-secure is an extra level of security for Visa and MasterCard payments, which protects from the unauthorized use of a credit card. During the payment procedure, a one-time password is sent to the cardholder's phone number and should be entered to complete the purchase.
- Smart anti-fraud solution
To be fully covered and protected from fraud which may result in chargebacks is essential to use an effective fraud prevention system. An internal anti-fraud platform is available for all Genome merchants and provides a full range of protection: trust chain, rule-based scenarios, rule management system, machine learning engine, decision-making agent and risk policies. To learn more please contact us at firstname.lastname@example.org.