I mainly deal with an online service, not physical product.įor fraud it used to cost probably several thousand a month (not counting chargebacks.) The reason for this was due to some Paypal issue where accounts from Germany (and only germany) could show up as a completed instant transfer when infact it was an echeck for less.
What is your experience of fraud - how much does it cost you? How reasonable are the banks in dealing with chargebacks and lastly, would you outsource your fraud and risk management to a third party if the product was exceptional with years of experience behind the principle developers, especially if it were guaranteed to save you more than it costs?Īs well as this any information as to your experiences with Fraud / chargebacks would be greatly appreciated. My question to owners of online businesses is this. I know that some of the e-payment providers supply built in fraud prevention technologies into their gateways but these seem rudimentary at best. With this in mind I have co-founded a company specifically to deal with this problem as I know card fraud costs UK online retailers hundreds of millions every year.
What I have noticed is that there doesn't seem to be many options available for small to mid-sized retailers to protect themselves against online fraud and chargebacks. I am a developer in the UK that has worked in ecommerce for 14 years, 9 of which as a developer of Fraud prevention software for 2 large well established companies.
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