Online Marketplace faces Chargeback issues
Fraud Protection Services are an integral part of retail businesses that are constantly looking out for fraudulent customers. They have to be wary of the consumers looking to dupe the retailers by making purchases and then demanding chargebacks. This can incur huge losses to online businesses and virtual retail markets.
Looking at these statistics, the question arises that how these scams are committed and how may they be prevented. Fraudulent customers may commit card-not-present frauds using stolen credit cards or illegally acquired details about someone’s accounts. In cases like these, it is essential that retailers install credit card fraud prevention services from a known provider. KYC compliance is the first and foremost step if this problem needs to be curbed.
What can be a feasible solution?
The most viable solution for this rapidly growing problem would be to avail quick and accurate business verification services, like Shufti Pro. This quick process allows the businesses to perform digital KYC, ensuring that the card indeed belongs to the person in possession of it. Moreover, a trust is developed between the regulars and the original business. The customer-base of the business will be assured that all clients are the true ones, and that the business is taking apt measures to make sure only true buyers can make a purchase. This will ensure a long life for the business, as risk of going out of business due to elevated chargeback frauds is minimised.
Shufti Pro acts as a sentinel against the false customers as well as a flare that indicates that the client pool of a company is clear of fraudsters and scammers. The secure business process will attract more consumers owing to a refined screening process that takes customers on-board.