Chargeback Fraud is when cardholders dispute a transaction with the bank instead of contacting the merchant for a refund. Sometimes called friendly fraud, it involves actual consumers abusing the chargeback process to secure a refund. Despite the wide range of excuses people may use, there is an increasing likelihood that these sorts of claims are false and the intent dishonest. Why would a customer misrepresent a transaction? There are multiple potential reasons, including:
Obviously, a certain number of claims filed will be legitimate, caused by merchant errors or criminal fraud. But the percentage of fraudulent chargebacks is growing exponentially each year.
More and more statistics back up the prevalence of chargeback fraud. So why isn’t something being done to stop this epidemic? There are several reasons consumers continue to get away with fraudulent chargebacks:
chargebacks can cause problems far beyond simple revenue loss. Failing to fight back can have severe, long-term repercussions. And it can do irreparable damage to a business’s sustainability.
Join GlobePay and fight Chargeback! We can solve this problem once and for all! GlobePay Limited is a professional RMB cross-border payment solution provider in the UK. At GlobePay, we strive to provide the safest and fastest payment solutions for your business. We are a comprehensive payment platform that links Chinese clients to British businesses through WeChat Pay, Alipay, and Union Pay.
Both Alipay and WeChat pay do not support Chargebacks. As a result, all payments are guaranteed! Alipay and WeChat Pay will only re-credit the customers and debit the merchant if Alipay and WeChat Pay receive a customer complaint and there is evidence that you have compromised the security of that payment. Alipay and WeChat Pay are extremely popular payment methods that the Chinese use to make payments online or in-store from their mobile phone apps. With multi-billion users, Alipay and WeChat Pay handle most of China’s payments and transformed a cash market into a card-trusting market with their e-Wallets.
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