TORONTO, October 25, 2022 (Newswire.com) - Merchant Fraud Journal releases its 2022 Chargebacks Consumer Survey report. This unique resource, which surveyed over 250 US consumers and asked questions about how and why they file chargebacks, gives merchants new and unprecedented data about chargeback fraud.
Merchants are expected to pay over $100 billion in chargebacks in 2023. And the problem continues to grow-it's estimated that the compounded annual growth rate of fraud is 1.5%. To combat this, Merchants were already paying over $25 billion fighting fraud in 2020. Understanding how, when, and why consumers file chargebacks is necessary to make sure that money is going towards creating effective strategies.
Questions consumers answered include:
- How many chargebacks have you initiated because customer support made it difficult to process a refund in the last 12 months?
- If youʼve initiated a chargeback in the last 12 months, what reason did you have for doing so?
- Do you view chargebacks as a good alternative to requesting a refund from a merchant?
- And more!
"Fraud and finance teams around the world can use our Chargeback consumer survey to improve the ROI of their own chargeback prevention efforts.," said Bradley Chalupski, Merchant Fraud Journal's co-founder and Editor-in-chief. "Until now, merchants could only understand the chargeback problem using data from their own, siloed consumer base. This report lets them benchmark themselves against consumers' reported behavior. Companies that read it will benefit from a uniquely valuable resource to help develop and evaluate their chargeback prevention strategies."
Source: Merchant Fraud Journal