BOISE, Idaho, Aug. 23, 2021 /PRNewswire/ -- Kount, an
Equifax Company, the leader in digital identity trust and fraud
prevention, has published the first of its kind "Digital
Payments in 2021: Opportunities and Chargeback Risks" survey.
The survey takes a deep dive into 2021 chargeback trends and risks
across customer experiences, both pre and post payment
authorization.
Kount commissioned Atomik Research to survey over 500 U.S.
adults who work for companies that process at least 500 online
transactions monthly. The findings reveal insights into why many
businesses have indicated their chargeback rates have increased,
their top chargeback sources and challenges, and how they manage
and dispute chargebacks.
Survey highlights include:
- 58% think their company's chargeback rate has increased since
March 2020.
- 45% of respondents who think their company's chargeback rates
have increased since March 2020
speculate delivery delays are the top reason for the increase.
- 70% of companies have been in a fraud monitoring program in the
last 12 months.
- 15% of respondents say their companies don't use
post-authorization chargeback tools.
The report finds today, an average of 33% of companies accept
card-not-present (CNP) payments via contactless payment apps,
online transactions, and telephone. Additionally, 19% accept
cryptocurrency, and 86% offer subscription-based or recurring
billing, exposing more businesses than ever to the ups and downs of
e-commerce. While accepting more payment methods means businesses
can better compete and cater to consumers' needs, results indicate
these new payment methods also increase a business's risk of
accepting fraudulent orders and dealing with the resulting
chargebacks.
"The report reveals an opportunity for businesses to elevate
their fraud prevention to better protect from the growing risk of
chargebacks and the fees associated with them," said Brad Wiskirchen, Senior Vice President and
General Manager of Kount, an Equifax Company. "By having the proper
tools in place, businesses can save time and money and improve
brand reputation while avoiding costly fraud monitoring
programs."
To learn more about the "Digital Payments in 2021" survey,
please visit The Kount Blog, or download the full survey
here.
ABOUT KOUNT, AN EQUIFAX COMPANY
Kount delivers
real-time fraud prevention and account protection, and it allows
more than 9,000 leading brands and payment providers to customize
customer experiences. Linked by our award-winning AI, Kount's
Identity Trust Global NetworkTM analyzes signals from 32
billion annual interactions to personalize user experiences across
the spectrum of trust — from frictionless experiences to blocking
fraud. Quick and accurate identity trust decisions deliver safe
payment, account creation, and login events while reducing digital
fraud, chargebacks, false positives, and manual reviews.
ABOUT EQUIFAX INC.
At Equifax (NYSE: EFX), we believe
knowledge drives progress. As a global data, analytics, and
technology company, we play an essential role in the global economy
by helping financial institutions, companies, employers, and
government agencies make critical decisions with greater
confidence. Our unique blend of differentiated data, analytics, and
cloud technology drives insights to power decisions to move people
forward. Headquartered in Atlanta
and supported by more than 12,000 employees worldwide, Equifax
operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia
Pacific region. For more information, visit Equifax.com.
FOR MORE INFORMATION
Lacey
Briggs for Kount, An Equifax Company
news@kount.com
Kate Walker for Equifax
mediainquiries@equifax.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/new-digital-payments-in-2021-opportunities-and-chargeback-risks-survey-from-kount-an-equifax-company-reveals-payment-opportunities-and-risks-for-merchants-301360115.html
SOURCE Equifax Inc.