Leading smart payments provider and merchant acquiring bank, Credorax, has announced it is increasing the global reach of fraud protection and chargeback mitigation by launching an industry-leading solution to prevent chargebacks of debt.
Credorax’s Chargeback PREVENTION marks a historic partnership with Ethoca (owned by Mastercard), the world’s leading provider of collaboration-based technology, and Verifi (a Visa solution), the leading provider of transaction risk management services for merchants without menu.
Merchants can now take control of their chargebacks by preventing chargebacks before they are initiated. Credorax’s innovative service gives merchants the ability to create rules that automate refunds or issue a manual refund after receiving an alert – both prevent disputes from escalating into chargebacks.
Chargeback PREVENTION is part of the Credorax Risk Management suite and protects merchants against fraud and chargebacks at every stage of the transaction lifecycle. Credorax’s unique solution seamlessly combines the ingenuity of machine learning intelligence and intuitive data analysis to continually improve its fraud detection algorithm. It can accurately detect large scale legitimate and fraudulent transactions.
Based on the needs and risk preferences of each trader, thresholds and rule management can be changed as needed, tailored to the trader’s unique requirements. Credorax also offers dedicated training to help merchants familiarize themselves with Credorax’s fraud and chargeback prevention tools and optimize them based on a merchant’s particular specifications.
Leveraging data from the world’s leading e-commerce brands, banks and payment providers, with Chargeback PREVENTION from Credorax, merchants can view dashboards where they can monitor transactions, specific transaction rules and view alerts, giving them a complete overview of their transaction lifecycles.
Moshe Selfin, CTO of Credorax, commented: “E-commerce is booming, which means fraud and chargeback rates are also accelerating. Shockingly, trader losses due to friendly fraud have been estimated to be over $ 50 billion in 2020. While far from ideal, the current state of affairs is undoubtedly driving levels of innovation and innovation. solutions like we’ve never seen before. The simple demand for turnkey fraud prevention management systems like ours, coupled with advances in AI and real-time detection, has the ability to put merchants at the forefront when dealing with issues. scammers – a position they’ve never really been in before. .
“With access to the widest possible range of issuer bank coverage around the world, merchants have never been in a better position to protect themselves against the high costs and reputational damage that accompany such attacks. “
Credorax is a full-service payment processor and acquirer dedicated to helping merchants by using cutting-edge technology and information to bring innovative solutions to market. Its payment experts are available to explain in more detail how to benefit from its chargeback management and representation services.
Moshe added, “Our vision at Credorax has always been to provide merchants with the technology they need to take advantage of the global opportunities available to them. While knowing that there are proactive and preventive measures that will make cross-border trade a pleasure and not pressure.
“With a robust onboarding process that enables a continuous journey of customer management with our specialist teams around the world and a deep understanding of the nuances of payment processing, this is an exciting step in our ambition to ” further enhance Credorax’s exciting suite of offerings. ”