Chargebacks911™, a Global Risk Technologies company this week announced a new collaboration with ACI Worldwide, a global provider of real-time electronic payment and banking solutions. Their alliance is aimed at helping more merchants to fight off illicit chargebacks.
Recent industry trends show merchants are highly vulnerable to this so called friendly fraud. Research by JP Morgan Chase reveals chargeback issuances are growing at 20 percent annually, compared to transaction growth of just 7 per cent. Industry sources suggest fraud causes £80 billion in losses per year—most of it down to chargebacks.
Monica Eaton-Cardone, CIO of Global Risk Technologies, parent company of Chargebacks911, said: “We’re extremely pleased to team up with ACI and bring our unrivalled chargeback solutions to its merchants. Merchants worldwide want a tactical approach to revenue recovery; one that achieves sustainable growth. We’re honoured the company has recognised our strength in this area, and we look forward to helping these merchants better manage their chargeback issues.”
“We are excited to work alongside Chargebacks911 to offer ACI ReD Shield customers the best tools and capabilities to prevent fraud,” said Jackie Barwell, director of fraud product management, ACI Worldwide. “Merchants today are aiming to be more proactive with chargeback management, no longer accepting chargebacks, but successfully fighting them to protect their bottom line. We’re pleased to expand our merchant offering through this collaboration with a leader in chargeback mitigation.”
Chargebacks911, a subsidiary of Dublin-based Global Risk Technologies, offers solutions for chargeback compliance, risk mitigation, fraud management and merchant sustainability. ACI Worldwide, the Universal Payments (UP) company, powers electronic payments for thousands of organisations worldwide. Last November it was named by EBA Clearing as one of the “frontrunner service providers” for the pan-European EBA SEPA Instant Credit Transfer Scheme (SCT Inst), due to go live in November 2017.