GeoComply, the market leader in geolocation security, 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 representations, combining GeoComply’s compliance-grade geolocation data with Accertify’s chargeback management solution.
The gaming sector continues to experience burgeoning growth, with total wagering expected to eclipse $81 billion globally in 2022. However, this growth also comes with the potential for first-party misuse where customers at an online casino 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 percent 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 and CEO of 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,” said Mark Michelon, president of Accertify. “This first-of-a-kind solution is a game changer, and our collaboration will make a positive impact for gaming operators.”
