Geolocation security firm GeoComply has partnered with Accertify to launch an all-in-one solution to combat issues of chargeback fraud in the gaming sector.
The partnership sees the two parties launch a Chargeback Integrator System to offer gaming operators the capability to solve costly chargeback disputes including friendly fraud chargebacks.
By creating an all-in-one solution, GeoComply’s geolocation data links with Accertify’s chargeback management system to create an automated process to help operators evade those costly chargebacks.
“Each year, online gaming operators experience significant revenue loss due to friendly fraud, a growing issue driven by the continuing growth of eCommerce,” commented Anna Sainsbury, Co-Founder & CEO, GeoComply. “By partnering with Accertify, we can now provide operators with the evidence they need to defend against chargeback disputes successfully, and we can automate the entire process.”
GeoComply noted that, by 2023, first-party misuse/friendly fraud will amount to $130bn globally, and that only 18% of merchants that dispute those chargebacks are successful.
Specifically to gaming and betting operators, issues arise when customers dispute bank transactions from wagering as fraudulent transactions and, whilst operators do not have adequate protection against such claims, they remain exposed to losing out on revenue.
“GeoComply’s advanced geolocation technology combined with their deep industry expertise with gaming operators makes them the perfect partner to help automate and reduce chargebacks,” added Mark Michelon, President at Accertify.
“This first-of-a-kind solution is a game changer, and our collaboration will make a positive impact for gaming operators.”