Combatting Friendly Fraud: How Kombatix Shields Your Business
Friendly fraud, a significant contributor to the $32 billion annual payment card fraud worldwide, poses a substantial challenge for merchants, as detailed in the PaymentCloud article “Friendly Fraud: What is it and How Can You Prevent it?” This type of...
Friendly Fraud: How to Protect Your Business from Chargeback Scams
Friendly fraud, also known as chargeback fraud or first-party fraud, is when a legitimate customer contacts their credit card issuer to dispute a charge, claiming they did not authorize the purchase. This can be costly for businesses, as they may be forced to refund the customer and eat the loss.
Friendly Fraud: What It Is and How to Protect Your Business
According to Kount, friendly fraud cost merchants an estimated $35 billion in 2022. This number is expected to grow to $45 billion in 2024.
Friendly Fraud on the Rise
Friendly fraud is when consumers report legitimate transactions as fraud. This can occur in a few different scenarios—only some of which are intentional.