Verifis CDRN passes two million resolved chargeback cases in 2018

Monday 10 December 2018 11:58 CET | News

Verifi has announced that its Cardholder Dispute Resolution Network (CDRN) resolved two million disputes, year to date, in 2018, on top of 76% growth in 2017.

CDRN enables partnerships and collaboration between merchants and issuing banks to resolve fraud and non-fraud cardholder disputes, reducing dispute escalation for issuing banks and merchants. Merchants receive near real-time notifications of disputes from the issuer through the CDRN patented closed-loop solution, pausing the dispute process for up to 72 hours. This provides the merchant time to review and resolve dispute cases.

Verifi’s solution Order Insight extends the CDRN dispute resolution functionalities by deflecting disputes at cardholder inquiry to prevent escalation into chargebacks. Through Order Insight, merchant transaction details are directed to the cardholder through issuer digital channels to help resolve billing confusion and reduce disputes.

If a cardholder does contact the issuer, call centre personnel can access the details of the purchase to resolve confusion, validate the sale, or flag as true or first-party fraud. Order Insight helps issuers reduce dispute volume and internal liability costs.

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Keywords: Verifi, US, fraud prevention, ecommerce, chargebacks, CNP fraud, merchants, issuers, risk management, product launch
Countries: World