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Digital Identity, Security & Online Fraud

Order Insight launched by Verifi to eliminate chargebacks

Thursday 20 April 2017 | 12:06 PM CET

Verifi, a provider of payment and risk management solutions for card-not-present (CNP) merchants, has launched Order Insight to help all parties in the payments ecosystem eliminate chargebacks.

Order Insight’s patent pending platform provides robust transaction details about the sale, like the merchant’s name and contact information, date of purchase, device name used in the order process and item or service descriptions (size, color, style) directly to customer’s fingertips via the bank’s online or mobile applications.

Today, up to 86% of cardholders bypass the merchant and contact their issuing bank directly to dispute or question a charge on their bill. Disputes can often occur for a variety of reasons, including the cardholder simply being confused over unclear or incomplete billing descriptors or legitimate instances of criminal fraud.

Many customers, however, have become accustomed to using the dispute process as a refunding tool resulting from buyer’s remorse or those seeking to “game the system” through first-party or “friendly fraud”. According to industry research company, Aite Group, 60 to 70% of chargebacks are the result of first-party or “friendly fraud.”

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