Chargeback Gurus, a provider of fraud prevention and prediction services and software, has rolled out a value add-on service which enables ecommerce merchants to monitor, detect and prevent online fraud before it occurs and causes losses.
Chargeback Gurus provides online businesses with advanced detection and monitoring software. The software enables advanced fraud detection before a sale is completed.
According to the company, suspected charges can be flagged for fraud and reviewed before products are drop-shipped by ecommerce entities, helping to reduce instances of fraud before the transactions can be completed and losses are incurred.
Chargeback Gurus spokesperson, Suresh Dakshina, said ecommerce merchants experience anywhere from 7-10% in fraudulent sales every day. Many don’t have the tools in place to prevent these frauds from occurring.
The real cost of credit card fraud has been pegged in a recent Nilson report, detailing that merchants and card issuers assumed over $11.2 billion in fraudulent related losses from credit cards in 2012.
The report also revealed that during 2012, credit and debit card losses accounted for $5.22 of every $100 being spent, an increase from just $5.07 during 2011. U.S. businesses generated 47.3% of all fraud losses reported, but only generated a meager 23.5% of credit and debit card purchasing volume worldwide, the report said.