With Unprecedented Rise in Online Buying, New Offering Helps Merchants Detect and Manage Refunds Fraud
ITASCA, IL, June 29, 2021 –Accertify, Inc., a wholly owned subsidiary of American Express, announced the launch of Refunds Abuse Protection, a solution designed to help merchants identify and stop patterns of claims abuse.
Refund abuse is estimated to have cost retailers $25B1 in 2020. Also known as item-not-received (INR) or merchandise-not-received (MNR) claims, refund abuse occurs when a customer places an order, receives the goods, and then fraudulently makes a claim to the merchant that they have not received the shipment.
With online shopping at an all-time-high and many delivery companies still practicing contactless delivery, it makes it easier for bad actors to claim a package was never received.
Refunds Abuse Protection from Accertify is designed to identify and stop these patterns of claims abuse. It allows merchants, in real-time, to accurately discern whether a claim is legitimate or fraudulent and easily approve or deny the refund request. As a result, legitimate customers can make a refund request and proceed without any unnecessary friction or delays.
“Merchants have done an amazing job adapting during these trying times and implemented contactless delivery processes, in order to keep their customers and employees safe,” said Mark Michelon, president, Accertify. “As e-commerce volumes continue to grow at unprecedented levels, fraudsters are finding ways to take advantage of weaknesses in retailers’ policies and procedures. Refund abuse does not have to be yet another “cost” of doing business online. With over a decade of solving complex fraud problems for merchants globally, Accertify’s sophisticated technology gives merchants greater power to prevent this billion-dollar problem while protecting their brand.”
To learn more about Refund Abuse Protection from Accertify, please visit www.accertify.com/refunds
Accertify, Inc., a wholly owned subsidiary of American Express, is a leading provider of fraud prevention, digital identity, device intelligence, chargeback management, and payment gateway solutions to customers spanning diverse industries worldwide. Accertify’s suite of products and services help companies grow their business by driving down the total cost of fraud, simplifying business processes, and ultimately increasing revenue. For more information, please visit www.accertify.com.
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