Forter fights chargeback fraud with Smart Claims

Friday 14 October 2022 14:21 CET | News

US-based trust platform Forter has launched Smart Claims to help businesses manage chargebacks and increase win rates.


By connecting order and claims data across different payment systems into a single, consolidated view, Smart Claims enables merchants to resolve chargeback disputes more intelligently and efficiently, improve win rates, and recover lost revenue.

Smart Claims helps merchants in four ways:

  • Link: Automatically links claims to transaction data for a consolidated view of all information relating to each claim. This saves time and a chargeback analyst from having to pull data from multiple disparate systems (Payments, Order Management, CRM, etc.);

  • Recommend: Provides actionable insights with recommendations, dispute, do not dispute, or investigate on how to address new and existing claims;

  • Dispute: Determines which evidence is most applicable to represent a particular claim, provides pre-populated templates with relevant information to support the case and sends representments directly from the tool to the processor;

  • Track: Allows merchants to monitor claims and receive insights on claim status, win rate and other metrics through downloadable reports.

Forter has launched Smart Claims to help businesses manage chargebacks and increase win rates.

Why consider using chargeback protection?

The surge and continued growth of online shopping have led to a sharp rise in chargebacks, with the average merchant reporting a 25% year-over-year increase in chargeback issuances in 2021, according to Versapay. Chargebacks cost digital commerce businesses billions of dollars every year. Fighting chargebacks has historically presented operational challenges and has been a time-consuming, costly, and risky process for merchants.

The fraud landscape has evolved, and merchants are no longer only battling fraudsters but they’re also tackling changes in consumer behaviour. By 2023, an estimated 61% of all chargebacks filed will come from friendly fraud, in which a consumer claims a legitimate transaction is a fraudulent charge. The unpredictable nature of friendly fraud means merchants are looking for more efficient, effective, and streamlined ways to dispute select chargebacks and recover lost revenue.

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Keywords: chargebacks, fraud prevention, product launch, ecommerce, friendly fraud
Categories: Fraud & Financial Crime
Companies: Forter
Countries: World
This article is part of category

Fraud & Financial Crime


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