The region’s strong rates of fintech adoption and increase in Card Not Present fraud were cited as the drivers behind the move. Data from the Australian Payments Network shows that CNP fraud accounted for 78% of all card-based fraud in 2016, posing a significant challenge to businesses as they deal with more chargeback claims based on fraudulent transactions.
Verifi’s Cardholder Dispute Resolution Network (CDRN) directly integrates with top issuers to help merchants and issuers resolve disputed payments. Handling over 1 million chargeback cases monthly, CDRN provides merchants with visibility into fraud and non-fraud customer disputes in near real-time. In addition to expanding into new markets, Verifi also launched a new chargeback and fraud mitigation service.
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