GeoComply, the market leader in geolocation security, today launched an industry-first Chargeback Integrator System to help solve costly chargeback disputes, especially friendly fraud chargebacks, for gaming operators. In partnership with Accertify, an American Express company, the all-in-one solution infuses geolocation data into chargeback representments, combining GeoComply’s compliance-grade geolocation data with Accertify’s industry-leading chargeback management solution.
The gaming sector continues to experience burgeoning growth, with total wagering expected to $81 billion globally in 2022.* However, with this growth, also comes the potential for first party misuse – where customers make a transaction or place a bet but then dispute the charge as fraudulent. This has become a costly and serious problem for operators who do not have adequate tools in place to prevent it. It is estimated that by 2023, first party misuse / friendly fraud alone will amount to $130 billion globally, and at present, only 18% of the merchants that dispute those chargebacks are actually successful.**
“Each year, online gaming operators experience significant revenue loss due to friendly fraud, a growing issue driven by the continuing growth of eCommerce,” comments Anna Sainsbury, Co-Founder & CEO, GeoComply. “By partnering with Accertify, we can now provide operators with the evidence they need to successfully defend against chargeback disputes, and we can automate the entire process.”
“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,” comments Mark Michelon, President, Accertify. “This first of a kind solution is a game changer, and our collaboration will make a positive impact for gaming operators.”
For further information on the GeoComply Chargeback Integrator, or for a product demonstration, please contact: [email protected].