Payment fraud became a big problem for eCommerce merchants during 2020. Of 105 companies surveyed in December 2020, 38% said they saw an increase in online payment fraud, 31% experienced more refund/orders-not-received fraud– up from 25% in 2019.
Companies are investing in various types of technology solutions to deal with these problems. The most popular cited by the merchants were automated chargeback processing systems ( 37%), pre-dispute products (33%) and opting to partner with a company that has fraud and chargeback management expertise.
Read the article to learn more.