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Vantage Point Protects Merchants from Friendly Fraud Chargebacks
Online merchants who use Vantage Point video software rest a little easier this holiday shopping season.
By: Vantage Point
Vantage Point helps prevent first party fraud, or friendly fraud as it is also known. This is a very real form of internet shoplifting. Friendly fraud has reference to various schemes involving customers who provide their correct data to make a purchase. Afterwards, they abuse the chargeback process, or merchant’s return policy and attempt to get a refund. This is just one more way that thieves attempt to obtain something for nothing. With Vantage Point, this problem doesn’t have to be a cause of concern for merchants this holiday shopping season.
When it comes to different types of friendly fraud, return fraud is one of the more common versions of internet shoplifting. Reports estimate that merchants lost more than 14 billion dollars in recent years, due to return fraud claims. This is not to be confused with third party fraud which is when stolen or compromised credentials are used to make purchase payments. In third party fraud, innocent victims are typically stuck with the charges. Friendly fraud is a crime that leaves helpless merchants footing the bill.
Sources at Vantage Point say that their video software technology is effective because it provides video evidence of the customer’s purchase. With Vantage Point, metadata is collected during each transaction. The video allows you to get a visual of the transaction, including the location, the purchaser’s IP address, and the date and time stamp of when the transaction took place. Another advantage is the fact that the seller can link to the video, thus enabling them to confirm all the details of the order.
Without question, friendly fraud can result in costly chargebacks for merchants who fail to have some type of preventive strategies. Vantage Point is clearly one way to prevent friendly fraud chargebacks from occurring, especially during the holiday shopping season.
For more information about Vantage Point, the following video provides additional details. You can also visit the website for further info.