GeoComply has teamed-up with Accertify, an American Express company, to debut a Chargeback Integrator System that is charged with helping to “solve costly chargeback disputes, especially friendly fraud chargebacks, for gaming operators”.
The all-in-one solution combines GeoComply’s geolocation data with Accertify’s chargeback management solution to assist with the automation and reduction of chargebacks.
“Each year, online gaming operators experience significant revenue loss due to friendly fraud, a growing issue driven by the continuing growth of ecommerce,” commented Anna Sainsbury, Co-Founder & CEO, GeoComply.
“By partnering with Accertify, we can now provide operators with the evidence they need to successfully defend against chargeback disputes, and we can automate the entire process.”
The potential for a rise in first party misuse, where customers make a transaction or place a bet but then dispute the charge as fraudulent, is one key potential of a burgeoning global gaming sector, said the fraud prevention and cybersecurity solution provider.
This, it is added, has become “a costly and serious problem for operators who do not have adequate tools in place to prevent it”.
The company suggests that by 2023, first party misuse/friendly fraud alone will amount to $130bn globally, with, at present, only 18 per cent of the merchants that dispute those chargebacks being successful.
“GeoComply’s advanced geolocation technology combined with their deep industry expertise with gaming operators makes them the perfect partner to help automate and reduce chargebacks,” noted Mark Michelon, President of Accertify.
“This first of a kind solution is a game changer, and our collaboration will make a positive impact for gaming operators.”