Chargebacks911 Celebrates 3x Boost to its Automated Dispute Response Platform With the Addition of Data Driven AI Enablement – Business Wire

TAMPA BAY, Fla.--(BUSINESS WIRE)--Chargebacks911, the leading dispute technology specialist that powers chargeback remediation for the largest global eCommerce businesses, as well as the world's financial institutions, today celebrates a 3x boost to its automated dispute response platform. The addition of AI further propels Chargebacks911s worldwide market advantage, as the leading dispute technology platform*.

The utilization of data from a vast consortium of businesses across a number of verticals, enables the technology to be trained to dynamically identify data points related to post transaction fraud, including first party fraud. This is then enriched to exponentially improve underlying dispute intelligence and insights for merchants.

First party fraud, also known as Friendly Fraud, refers to an illegitimate chargeback filed on a legitimate transaction and costs the eCommerce industry staggering amounts each year. This accounts for up to 25% of a merchant's profits, highlighting how catastrophic this problem is for the global economy. Post transaction fraud surged by 23% in 2021** however, first party fraud, a subset within this category, has surged 56%*** making it one of the fastest growing fraud types on record.

One of the primary reasons for the growth in first party fraud is due to unavailable feedback from the merchant. As a result of the mammoth quantity of chargeback data that online merchants receive, and the time it takes for a human operator to investigate each chargeback and determine whether it is legitimate or not; the vast majority of cases expire, inadvertently contributing to this negative trend and its unintended consequences.

To slow this worrying growth trajectory, and keep pace with evolving data sets, the industry needs to adopt more intelligent automation in order to scale. In contrast to a costly human led strategy, Chargebacks911 revolutionizes the data collection process, transforming the concept of end to end automation by digitizing even the most complex and unstructured formats to maximize data insights and leverage rule-based data driven automation.

Monica Eaton-Cardone, Founder of Chargebacks911, says: We know that chargebacks are out of control and this can be devastating, especially in todays desperate economic climate. However, by further fueling the power of AI in our digitization of the disputes management process, the heavy lift of data aggregation is optimized, providing insight and flexibility that easily accommodates the changing landscape of chargeback rules and payments. Creating a more sustainable ecosystem is all about replacing friction with intelligence, and applies to all stakeholders - merchants included. This is really something to celebrate!

Monica adds: Models that primarily leverage a BPO service or outsourced human workforce to manually prepare dispute responses fall short - todays merchant not only requires automation for scale, but also for scope as data continues to evolve. With increasing economic pressure its imperative that merchants are able to learn from this vital insight.

Chargeback911s AI enabled automated dispute response platform allows merchants of all sizes across dozens of verticals to intelligently fill the knowledge gap and thwart growth in first party fraud. Without an in depth understanding of the post transaction data types, chargeback rules, and dispute reason codes, which differ between card networks and alternative payment methods, merchants risk becoming victims to increasing chargeback fraud. Chargeback911s platform acts as a multidimensional orchestration layer, powering rules based logic, Machine Learning (ML), and AI driven calculations that work in unison, to dynamically analyze and classify data input and compile a dispute response. When compared to automation alone, a yield of up to 3X results are achieved with the addition of data driven AI enablement, further enhancing the added benefit of rich data analytics.

To learn more about Chargebacks911, visit: https://chargebacks911.com/

*Chargeback Market Study Report 2020, Edgar, Dunn & Company

**Q1 2022 Digital Trust & Safety Index

***TransUnion 2022 Global Digital Fraud Trends Report

ENDS

About Chargebacks911Founded in 2011, Chargebacks911 is the first global company fully dedicated to mitigating chargeback risk and eliminating chargeback fraud. As industry-leading innovators, Chargebacks911 is credited with developing the most effective strategies for helping businesses manage disputes and reduce loss in various industries and sectors within the payments space.

Chargebacks911 provides comprehensive SaaS solutions that are highly scalable for managing chargebacks, handling services and fraud strategy management. The company helps decrease the negative impact of chargebacks and provides real-time API connectivity and insights, thereby improving revenue retention using data-driven technology to help ensure sustainable growth for every member of the payment channel.

Chargebacks911s unparalleled category experience and patented Intelligence Source Detection (ISD) technology identifies the true source of chargebacks, automatically remediates fraudulently filed disputes, safeguards reputations, monitors feedback 24/7 and provides insight to proactively prevent future fraud. http://www.chargebacks911.com

About Fi911Fi911 supports financial institutions with innovative back-office automation technologies created specifically for banking and financial institutions. By supporting direct communications between FIs and their ecosystems, the companys scalable payment product suite offers features that range from fast, flexible merchant onboarding to highly transparent and feature-rich client portals.

Fi911s proprietary DisputeLab helps resolve chargeback disputes faster and more efficiently by utilizing next-generation technology that leverages a robust rule engine and highly scalable microservices specifically designed to optimize each step in the dispute cycle. The companys unified platform also provides threat detection, reconciliation, risk management tools, and the ability to generate commissions and ISO pay-outs directly through the system.

Established by the dispute experts at Chargebacks911, Fi911 offers global reach and expertise, and customized training and support from recognized industry leaders. https://fi911.com/

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Chargebacks911 Celebrates 3x Boost to its Automated Dispute Response Platform With the Addition of Data Driven AI Enablement - Business Wire