SOURCE: Verifi, Inc.

Verifi, Inc.

September 23, 2014 13:55 ET

In Advance of Peak Retail Selling Season, Verifi Announces Major Increase in Fraud Protection for Merchants

Expands Issuer Network to Reduce Holiday Fraud for CNP Merchants, Announces "Zero Defect" Guarantee

LOS ANGELES, CA--(Marketwired - Sep 23, 2014) - Verifi, a leading provider of end-to-end chargeback prevention and recovery services as well as payment and fraud protection solutions for card-not-present (CNP) merchants, today announced a major expansion of the Cardholder Dispute Resolution Network (CDRN) in advance of the peak holiday selling season.

"Holiday fraud is a real problem. We've seen chargebacks increase by more than 50% during peak selling times and for months afterward," said Matthew Katz, CEO and founder of Verifi. "When you combine the recent high-profile data breaches with seasonal increases in fraud and friendly-fraud, this selling season could show significant earnings erosion for merchants that aren't prepared."

Verifi's Cardholder Dispute Resolution Network (CDRN) is an award-winning, patented chargeback management program that helps merchants reduce chargebacks via a direct integration with top US card issuers. CDRN provides greater accuracy and allows the merchant to address the dispute before it becomes a chargeback. In the case of true fraud, merchants receive timely notification so that pending merchandise or services orders can be stopped -- preventing additional losses.

"In anticipation of the heightened holiday risk, our overall network coverage is increasing by more than 21% and debit card coverage by more than 50%," said Katz. "Market receptivity to CDRN has been strong since it was introduced in 2007. We've been fortunate in the last year alone to see new merchant adoption of nearly 200% and these innovations allow us to better serve our existing clients and new customers."

According to Katz, the problem with some other chargeback alert services is accuracy. "We have spoken with merchants that are seeing chargebacks as high as 20% -- even after resolving the dispute and issuing a refund to the consumer. Merchants are essentially getting hit twice. In other cases, merchants are getting charged for false positives -- disputes that never result in a chargebacks." 

To reduce false positives, Verifi's Cardholder Dispute Resolution Network provides more data to the issuer network, which means a greater level of dispute resolution accuracy. With little-to-no IT integration required, this accuracy helps merchants prevent chargebacks faster and improve the overall process of managing chargebacks from beginning-to-end.

"Our goal is to make this holiday season even more profitable for our participating merchants and we're supporting that goal with a zero-defect guarantee. With this guarantee, merchants know if a CDRN case is successfully resolved but then filed as a chargeback, Verifi will refund 100% of its fees," said Katz.

More information about the Cardholder Dispute Resolution Network and is available at www.verifi.com

ABOUT VERIFI

Since 2005, Verifi has helped merchants protect their payments and boost profits. Offering a wide-range of flexible, configurable fraud prevention and chargeback management tools, Verifi makes it easy to prevent and fight payment disputes, protect the entire transaction lifecycle and increase revenue. Verifi is PCI Level 1 certified and headquartered in Los Angeles, California.

For more information about Verifi, please visit the Verifi website at www.verifi.com.

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