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Chargebacks are the bane of e-commerce retailers, but new data from ACI Worldwide Inc. indicate many may have them mostly in check. Separately, Forter launched Smart Claims, a product to help better manage chargebacks.
Released Thursday, the new ACI data find that overall fraud attempts remained flat at 0.01%, despite a 25% increase in transaction volumes and a 20% rise in transaction value compared to 2021. The snapshot shows that general retail transactions increased 21% over last year and yielded a greater than 98% approval rate with a 0.01% chargeback rate. Among fashion retailers, the figures are a 13% increase and a greater than 99% approval rate and a 0.02% chargeback rate.
Highlighting the recent Amazon Prime Days, a two-day sales event that ended Wednesday, Miami-based ACI says retail merchants on its platform had a 0.01% chargeback rate compared with a U.S. average of 3.1%.
“Advanced fraud-management solutions are now viewed as revenue generators, and merchant enthusiasm for them is reaching new highs,” Erika Dietrich, ACI’s head of fraud management and payment analytics, says in a statement. “As e-commerce—via mobile apps and alternate payment methods—continues to expand, reducing risk while raising revenue in real time has become the default position for our merchant customers.”
Meanwhile, New York City-based Forter announced Smart Claims, its service to help businesses better manage their chargebacks. The service can connect order and claims data across different payment systems into a consolidated view, making it easier for merchants to review and process their chargebacks.
Among Smart Claims’ features is the ability to automatically link claims to transaction data, provide recommendations to address claims, develop evidence to represent a claim and select the most relevant information about it, and allow merchants to monitor claims and receive metrics on claim status and win rates.
