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Chargeback fraud is a type of credit card fraud that occurs when a customer disputes a charge on their credit card statement. The customer contacts their credit card issuer and requests a chargeback, which reverses the transaction and refunds the customer. The merchant then loses the money from the transaction. Chargeback fraud is a growing problem for merchants, as it can lead to significant financial losses.
Chargeback fraud is often perpetrated by criminals who use stolen credit card information to make purchases. They then dispute the charge with the credit card issuer, claiming that the purchase was unauthorized. Criminals may also use stolen credit card information to make multiple purchases, then dispute all of the charges at once.
There are a number of companies that specialize in preventing and detecting chargeback fraud. These companies provide services such as fraud monitoring, chargeback prevention, and chargeback analytics. They also offer tools to help merchants identify and prevent fraudulent transactions. Examples of companies in this market include Chargeback, Signifyd, and Riskified. Show Less Read more
