Fraud Fighters, SEON has enabled Chargeflow to go further in its efforts to help merchants respond effectively to chargeback fraud. The company’s data enrichment solution is allowing the chargeback mitigation platform to enrich customer and transaction data to provide merchants with full, 360-degree protection.
In recent times, levels of chargeback fraud have skyrocketed online. According to some reports, friendly fraud accounts for as much as 70% of all credit card fraud, costing the industry over $132 billion a year, according to a 2020 report by FIS Global. Additionally, 40% of consumers who file a chargeback will do it again within 60 days . Thankfully, businesses such as Chargeflow are on hand to help merchants respond to this challenge. The company’s chargeback mitigation platform has been designed to recover revenue lost to chargebacks – automating the entire process for online stores. Now, with SEON’s support, Chargeflow can go even further in addressing the problem.
One of the challenges for a platform like Chargeflow is establishing whether a chargeback request is genuine, or not. While some people look to exploit chargebacks for monetary gain, other requests will be from cardholders who legitimately dispute a charge. Without the right tools, the process of identifying these genuine claims is difficult. However, SEON’s powerful data enrichment tool makes it far easier. The solution can provide platforms with a wealth of new and insightful data points on those making claims.
By integrating SEON’s tool into its platform via an API, Chargeflow enriches the datasets it uses, and as such, has a better understanding of when and where fraud is occurring on its site. SEON’s data enrichment solution is capable of analyzing things like social accounts, phone numbers, email addresses, IP addresses, BIN number data and device data to generate reliable results around the likelihood of fraud. What’s more, the tool can be implemented by businesses like Chargeflow in a very straightforward, and frictionless manner.
Speaking on the new partnership, Ariel Chen, Co-Founder and Chief Executive Officer of Chargeflow commented: “Chargeflow is successful by being fully automated post-purchase chargeback protection, covering merchants against fraud from the moment they receive a new chargeback, until the resolution stage. We wanted to partner up with a fraud prevention tool to provide an end-to-end solution to merchants from the pre-purchase stage to the resolution stage. This new partnership with SEON gives our customers true 360-degree protection, whether it’s against friendly fraud or intentional fraud.”
Jimmy Fong, Chief Commercial Officer at SEON added: “As chargeback fraud continues to rise, it is great that a platform exists to automate the dispute resolution process for busy merchants. At SEON, we are proud to provide crucial information that will eventually help Chargeflow recover more lost revenue for its merchants. We’re now looking forward to getting started on this exciting partnership, which will help to provide businesses and entrepreneurs operating online with even more protection.”