A fraudulent chargeback is when a “successful customer dispute over a legitimate transaction. One in which he or she knowingly and purposely participated and for which the customer is fully responsible”, states the Credit Card Blog by UniBul.
Fraudulent chargebacks stem from consumers trying to game the system that is at the same time trying to protect them from fraud and processing errors.
Who are the true victims of these fraudulent chargebacks? The merchants!
ChargeBacks911 is a service targeted at merchants who receive 100-5000 chargebacks per month. They take care of the fraudulent chargebacks so that you can focus on what is important, growing and maintaining your business.
Here are some interesting chargeback facts:
- 14% of cardholders contact merchants prior to charging back.
- 28% of cardholders contacted AFTER a dispute was already filed.
- 58% of cardholders did not contact the merchant AT ALL. Dispute was filed directly with the bank.
- 86% of chargebacks are fraudulently placed, skipping the merchant altogether and going straight to the bank.
If your business is dealing with an increasingly high number of fraudulent chargebacks each month it is time for you to fight back.
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