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In this episode of Fraudology, host Karisse Hendrick delves into the intricate world of friendly fraud, explaining it as fraud reason code chargebacks that are not actually fraud. Karisse highlights how the ease of filing chargebacks since 2011 has led to a surge in these incidents, putting online businesses at risk of losing billions annually. She discusses the crucial steps merchants must take to distinguish between legitimate and friendly fraud chargebacks, emphasizing the importance of thorough investigation and response to prevent diluting the payment processor's attention.
Karisse also provides insights into the behavioral patterns of Gen Z regarding first-party fraud and the misconceptions many consumers have about chargebacks versus refunds. She advises businesses on implementing effective chargeback management strategies, such as tracking multiple chargebacks from the same source and considering third-party solutions wisely. Throughout the episode, Karisse underscores the value of a fair and holistic approach in reducing chargebacks and enhancing customer service, while cautioning against costly yet ineffective solutions proposed by card brands and vendors.
Fraudology is hosted by Karisse Hendrick, a fraud fighter with decades of experience advising hundreds of the biggest ecommerce companies in the world on fraud, chargebacks, and other forms of abuse impacting a company's bottom line.
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She brings her experience, expertise, and extensive network of experts to this podcast weekly, on Tuesdays.
