The Chargeback Threat Is Surging
In the world of eCommerce, technology is constantly evolving; that means new chargeback threats can appear almost daily. What can merchants do to combat this threat? More than you probably think.
This detailed guide explains why chargebacks are an increasing threat to your bottom line. It also delivers over 50 insider tips and actionable steps for effective chargeback prevention, both immediately and in the long-term. Download your free copy now!
Make the Most of the Tools That Are Available
The dynamic nature of fraud makes preventing chargebacks a complex task. A static, one-size-fits-all approach simply won’t be effective. Risk mitigation strategies must be able to adapt and evolve as technologies change.
Even so, there are several tried and true tactics that have been proven to help in detecting fraud and validating cardholders. Take advantage of the tools at your disposal to help reduce the risk of chargebacks and increase revenue retention.
Insider Tip 1: Use Address Verification Service (AVS)
Address Verification Service helps reduce risk by automatically checking the billing address listed in the transaction against the address registered with the issuing bank. If they do not match, you could be looking at a fraud situation.
Always request shoppers provide both their billing and shipping addresses when purchasing, then wait for results of the AVS check before processing the transaction.
Insider Tip 2: Require card security codes
Card security codes are another authentication tool that helps ensure the shopper has physical possession of the card being used. These codes cannot legally be stored by either the merchant or the processor; the cardholder must reenter the digits every time a purchase is made.