Author: John Grochowski

When there is a chargeback that emerges out of a legitimate transaction is known as Friendly Fraud. Generally, this happens when the customer after purchasing the product regrets that transaction or when the customer doesn’t recognize such transaction in their bank statement, then the customer may contact the bank directly and ask for reversing the charge and the bank does refund the charge believing that the actual fraud has occurred. The customer without going to the merchant and asking about the charge or refund directly asks the bank about the charges.

These kinds of frauds are becoming a serious issue to the merchants and it is increasing day by day in industries like digital goods. Hence, Ethoca friendly fraud prevention gives the precautionary measures to solve this vital problem.

Friendly and Normal Fraud Differences –

In a normal fraud, the perpetrator hides his identity and uses a stolen identity to get access to a credit card, for any personal or financial benefit of someone else. Whereas in friendly fraud the person doing the fraud is the cardholder only, one who has the authority of using the card, such as a family member or someone else who has got hold of that card but isn’t the user who has any authority to access the card information.

Prevention of Friendly Fraud – 

Prevention from friendly fraud can be difficult as all the transactions will lead to potentially valid transactions.

Still, some of the preventive measures can be taken to effectively reduce the occurrence of friendly fraud and combat it, that is:-

• Ensure that the descriptors used by the merchants are easy to understand –

One of the major causes of such chargeback is that customers are not able to recognize the charge that is showing on the bank statement. If the merchants use descriptors that are easy to understand for the customers showing their business or store name then they can easily identify the origin of the transaction being made.

• There must be realistic expectations related to the products or services –

The merchant should not deceive the customers by saying that the products or services have doors quality when it doesn’t. This misleads the customer and they also feel dissatisfied to be deceived like this and so they don’t want to get back to that merchant. Fraud is a two-way process one can’t expect to be treated by the customers ethically if they don’t act ethically themselves.

Hence there are numerous methods that the merchants are the sellers can adopt to prevent friendly fraud. If there is a collaboration among the merchants and sellers they can get help from the CNP fraud detection who can deflect these types of claims by giving detailed order information to the customer on the phone before any such fraud is claimed.

These days, most business owners like to do things on their own. But why don’t you depend on other manufacturers? This way, you can save your time in producing goods, and also money in spending on employment and other materials. Also, you do not need to maintain anything, but you can yield profit, sounds better, right? It is clear that being a business owner; you can benefit a lot of things when you choose to manufacture products with the help of suppliers. But there is a problem with this, and it is nothing but selecting the right supplier.

When you search for a supplier in Thailand, you can find numerous services, and you are not aware of any of them. In this case, there are a lot of possibilities for you to pick the wrong one, and so, you have to rely on a sourcing agency thailand. With a sourcing agency in hand, you can find out the best supplier that satisfies all your needs and meet your expectations in various factors. A business can take pleasure in numerous things when they hire a sourcing agent, and some of the good advantages are listed below:

• The first benefit of hiring a product sourcing agent for your business is saving time and money. When you are a small business, it will take more time and money to manufacture products. When a sourcing agent helps you to work with suppliers, you can cut down your expenses. The money and time that you save can be used in some other ways to improve your business.
• Since the sourcing agent helps you pick the right product suppliers, you do not need to take care of everything. Your workload can be reduced, and also you can get high-quality products at an affordable price. There is no need for you to buy any raw materials, work day and night to meet order deadlines, and more. Your clients will receive the products on or before the TAT as expected.
• When you hire a trusted one, like sourcing agency thailand, you do not have to mind your security and safety. They will look after everything right from selecting the best suppliers by avoiding scams, negotiate by talking with local suppliers in their native language, check the quality of products, negotiate and complete the deal at the best price, look after customs clearance, and more.

So, when you are interested to hire a sourcing agent, do it without any delay