GeoComply And Accertify Partner to Help Solve Friendly Fraud Chargebacks
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GeoComply, a geolocation security company, announced Wednesday that it has launched an “industry-first Chargeback Integrator System.”
This Chargeback Integrator system is used to help “solve costly chargeback disputes, especially friendly fraud chargebacks, for gaming operators.”
The Vancouver-based GeoComply has partnered with Accertify, an American Express company, and is the “all-in-one solution” that merges geolocation data into chargeback representments — a process where merchants submit evidence that a chargeback is illegitimate. It combines GeoComply’s geolocation data with Accertify’s “chargeback management solution.”
GeoComply cites that $81 billion is wagered globally in 2022, and this “burgeoning growth” is where its new product helps.
“However, with this growth, also comes the potential for first-party misuse — where customers make a transaction or place a bet but then dispute the charge as fraudulent,” GeoComply said in a news release. “This has become a costly and serious problem for operators who do not have adequate tools in place to prevent it. It is estimated that by 2023, first-party misuse / friendly fraud alone will amount to $130 billion globally, and at present, only 18% of the merchants that dispute those chargebacks are actually successful.”
“Each year, online gaming operators experience significant revenue loss due to friendly fraud, a growing issue driven by the continuing growth of eCommerce,” Anna Sainsbury, Co-Founder & CEO, GeoComply, said in the release. “By partnering with Accertify, we can now provide operators with the evidence they need to successfully defend against chargeback disputes, and we can automate the entire process."
“GeoComply’s advanced geolocation technology combined with their deep industry expertise with gaming operators makes them the perfect partner to help automate and reduce chargebacks,” Mark Michelon, President, Accertify, said. “This first-of-a-kind solution is a game changer, and our collaboration will make a positive impact for gaming operators.”
For more information about GeoComply or Accertify, contact [email protected] or visit www.accertify.com.
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