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06/02/2022

New Tech Helps Merchants, Banks Beat Back Rising Tide of Friendly Fraud

PYMNTS.com

Sometimes the biggest threats come from the foes who pose as friends, spinning tales that seem legitimate and often urgent. And then comes the realization:

You’ve been scammed.

Eric Kraus, V.P. and general manager of Fraud, Risk and Compliance Solutions at FIS, told PYMNTS that friendly fraud looms as a growing threat for merchants and banks alike.

Friendly fraud is another name for first party chargeback fraud, which occurs when a consumer buys something online through a card-based purchase, and then disputes the charges or requests a chargeback, having already received the item or the service that they bought. The conversation was held against the backdrop where merchants of all sizes say “friendly fraud” is the No. 1 fraud trend they are dealing with, representing a significant increase in loss exposure the past few years.

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