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07/26/2020
Friendly fraud: What is it and how can businesses help prevent it
Yahoo News
Friendly fraud is on the rise as online shopping gains more popularity - but what is it and how can you protect yourself?
Described as first-party fraud, it is when a consumer purchases a product or service online using their credit card, but then later contacts the credit provider to dispute the charges.
It is different from traditional third-party fraud, which is when someone uses another persons details to make fraudulent purchases, according to Barclaycard.
READ MORE: Branded printer ink more expensive than 32-year-old Scotch Whiskey
Figures suggest that the rise in this type of fraud is due to online shopping and card-less transactions becoming increasingly common in society.
What’s more, for commerce merchants it may now account for a higher percentage of fraud losses compared to third-party fraud.
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