Refunds abuse has become a major problem for eCommerce merchants worldwide. According to a recent report issued by the National Retail Federation (NRF) refund claims fraud cost retailers an estimated $25B in 2020. Most experts agree the cause is the sharp increase in online shopping due to the Coronavirus pandemic.
In a recent interview with BizReport, Jeff Wixted, VP, Marketing & Client Solutions said merchants cite refunds abuse as their biggest fraud problem, but it is difficult to gauge how large it is because there is no single source that tracks or publishes statistics related to it.
Since the problem continues to grow, companies must assess their risk with the help of a trusted partner and implement a solution that helps them detect and stop refund claims fraud while minimizing friction for trusted customers. Read the full story for more information.