Riskified launches enhanced chargeback platform
Fraud and risk intelligence company Riskified has launched an expanded version of its Dispute Resolve chargeback management platform to help Australian merchants navigate the typical surge in chargebacks after the summer holidays.
The expanded platform is designed to help merchants manage many of the manual processes typically associated with the chargeback dispute process, including automatically gathering intelligence about an individual’s purchase history before deciding whether to dispute a chargeback. After building their case, merchants can submit their dispute to issuing banks automatically and monitor the status of those disputed transactions in real time.
The system can also automatically submit disputes to issuing banks and monitor the status of disputed transactions in real time.
A study conducted by Riskified suggests that the majority of merchants recover less than half of chargebacks, because the process for compiling evidence and disputing chargebacks is often a manual, time-consuming process.
Early research conducted by the company suggests that the enhanced Dispute Resolve platform can improve chargeback dispute win rates by as much as 35% compared to not using the platform, according to Riskified CEO and co-founder Eido Gal.
“The broader e-commerce environment continues to brighten and grow, but with that comes the opportunity for increased chargebacks,” Gal said. “Chargeback management is another financial centre that’s primed for digital transformation, since today much of the process is terribly manual, time-consuming and hinders teams from disputing as many chargebacks as they can.
“With Dispute Resolve, merchants have full control over their chargeback dispute operations. They can choose to automate specific segments or outsource the entire dispute process.”
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