This collaboration aims to improve fraud prevention and chargeback management for merchants, particularly in high-risk industries such as food delivery, transportation, and event ticketing.
According to the official press release, as payment fraud continues to grow, merchants in high-transaction industries are facing increased losses due to chargebacks, including friendly fraud, where consumers dispute legitimate transactions. This form of fraud has become more prevalent, highlighting the need for advanced solutions to help merchants mitigate these losses.
The Fraud and Payments Survey 2024 by Ravelin found that 52.4% of businesses reported a rise in fraudulent chargebacks. Additionally, 66% of fraud prevention professionals identified artificial intelligence (AI) and machine learning as critical tools in combating fraud.
The partnership between Justt and Ravelin offers an AI-driven solution that not only addresses chargebacks but also aims to support fraud prevention efforts. The system customises responses to disputes at scale and uses A/B testing to refine its approach over time, adapting to the evolving nature of chargebacks.
The collaboration brings together Justt’s automated chargeback response capabilities with Ravelin’s expertise in fraud detection. This allows merchants to reduce chargeback losses and improve their dispute win rates. Merchants will also have access to Justt’s customer hub, which provides detailed data on disputed transactions and insights into chargeback performance across various payment service providers and methods.
Merchants operating in sectors such as food delivery, transportation, and ticketing will benefit from targeted solutions created to address the unique challenges of their industries. For example, the use of AI can help detect and prevent false claims, such as buyer’s remorse or price hedging, which are common in the ticketing sector, thereby reducing unnecessary losses.
Ravelin’s fraud detection data will be integrated into Justt’s chargeback management system. This will allow merchants to strengthen their dispute evidence submissions, improving the effectiveness of the dispute process without adding significant effort.
In the company press release, officials from Justt emphasised that the partnership addresses the growing issue of illegitimate chargebacks, which are a significant concern for merchants across industries. They noted that combining Justt’s chargeback expertise with Ravelin’s fraud detection technology enables businesses to enhance their chargeback win rates and streamline their processes.
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