SEON, a fraud-fighting company, has enabled Chargeflow to go further in its efforts to assist merchants in effectively responding to chargeback fraud. The company’s data enrichment technology enables the chargeback mitigation platform to enhance customer and transaction data, providing merchants with complete 360-degree protection.
Ariel Chen, Co-Founder and Chief Executive Officer of Chargeflow, stated, “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.”
Chargeback fraud has recently increased dramatically online. According to some studies, friendly fraud accounts for up to 70% of all credit card theft, costing the industry more than $132 billion each year, according to FIS Global’s 2020 study. Furthermore, 40% of consumers who file a chargeback do so again within 60 days. Thankfully, companies like Chargeflow are there to assist merchants in responding to this difficulty. The company’s chargeback mitigation technology was created to recover revenue lost due to chargebacks, completely automating the process for online businesses. With SEON’s assistance, Chargeflow may now go even further in fixing the issue.
A platform like Chargeflow has difficulties in determining whether a chargeback request is legitimate or not. While some people seek to profit from chargebacks, other requests will come from cardholders who legitimately dispute a payment. It is difficult to identify legitimate claims without the proper instruments. However, SEON’s strong data enrichment tool makes it significantly easier. The solution can supply platforms with a variety of new and analytical data points on persons making claims.
Chargeflow enriches the datasets it utilizes by integrating SEON’s tool via an API and, as a result, has a better grasp of when and where fraud occurs on its site. SEON’s data enrichment system can analyze social accounts, phone numbers, email addresses, IP addresses, BIN number data, and device data to produce realistic fraud risk assessments. Furthermore, firms such as Chargeflow may implement the solution in a quite simple and frictionless manner.
Jimmy Fong, Chief Commercial Officer at SEON, commented, “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.”