Transforming Chargeback Management: How AI Is Tackling Fraud in High-Risk Industries
Written by: Alex Davis is a tech journalist and content creator focused on the newest trends in artificial intelligence and machine learning. He has partnered with various AI-focused companies and digital platforms globally, providing insights and analyses on cutting-edge technologies.
Justt and Ravelin Join Forces to Enhance Fraud Prevention in High-Risk Industries
Understanding the Impact of the Partnership
Amid escalating concerns over payment fraud, Justt, a prominent player in chargeback mitigation, has teamed up with Ravelin, a leader in AI-driven fraud detection. This strategic alliance tackles significant challenges merchants face, particularly in high-risk sectors such as food delivery, transportation, and event ticketing.
This article will delve into:
The growing issue of payment fraud
Key features of the Justt-Ravelin partnership
Benefits for merchants in high-risk industries
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AI-Powered Fraud Prevention and Chargeback Management
AI-Powered Fraud Prevention and Chargeback Management
AI Fraud
AI and machine learning essential for combating fraud threats, with 66% of professionals identifying them as crucial tools.
Chargbks
52.4% of businesses reported an increase in fraudulent chargebacks, highlighting the need for advanced management solutions.
Solution
Justt-Ravelin partnership offers integrated fraud prevention and chargeback management for high-risk industries.
Friendly
Surge in friendly fraud, where consumers dispute legitimate transactions, necessitates sophisticated solutions to protect merchants.
PopularAiTools.ai
Integrated Chargeback and Fraud Management
The collaboration between Justt and Ravelin fuses Justt's automated response mechanism for chargebacks with Ravelin's expertise in fraud detection. This union aids merchants in enhancing their win rates and minimizing chargeback-related losses. Furthermore, merchants will have access to Justt's customer hub, which provides enriched insights into disputed transactions and detailed performance metrics, including win rates across various payment service providers (PSPs) and payment methods.
Industry-Specific Solutions for High-Risk Sectors
Merchants in sectors like food delivery, transportation, and event ticketing can take advantage of specialized solutions tailored to the distinctive fraud and chargeback concerns that each industry faces. Noteworthy features include:
Rapid detection of false claims:AI technology swiftly identifies illegitimate claims, such as those involving buyer’s remorse or price hedging, which are particularly prevalent in the ticketing industry.
Avoiding unnecessary losses: By addressing these specific fraud patterns, merchants can significantly reduce financial setbacks associated with chargebacks.
Enhanced Dispute Challenge Evidence via Data Integration
Through the integration of Ravelin's data, collected during the fraud assessment process, Justt’s chargeback management system is empowered to strengthen evidence submissions. This feature allows merchants to enhance their dispute processes effectively with minimal added effort, providing them a critical edge in combating fraudulent claims.
Executive Perspectives on the Partnership
Ofir Tahor, CEO of Justt, expressed enthusiasm about the partnership, stating, “We’re excited to partner with Ravelin to tackle the growing problem of illegitimate chargebacks, a critical issue for merchants and companies across industries. By combining our chargeback expertise with Ravelin’s advanced fraud detection, we’re helping businesses boost their chargeback win rates, gain valuable insights from every transaction, and save time by streamlining their processes.”
Martin Sweeney, CEO of Ravelin, remarked, “This partnership with Justt brings together two leaders in fraud prevention and chargeback mitigation, to deliver a powerful, AI-driven solution that addresses some of the most complex challenges merchants face today. By integrating our fraud detection expertise with Justt’s chargeback automation capabilities, we’re providing merchants in high-risk sectors with a comprehensive toolset that not only minimizes losses but also enhances overall operational efficiency.”
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Here are the key points and recent data to complement the article on the integration of chargeback and fraud management through the partnership between Justt and Ravelin:
52.4% of businesses reported an increase in fraudulent chargebacks, according to the Ravelin Fraud and Payments Survey 2024.
66% of fraud prevention professionals identified AI and machine learning as essential tools in combating these threats.
Recent Trends or Changes in the Field
There has been a significant surge in friendly fraud, where consumers dispute legitimate transactions, highlighting the need for advanced AI-driven solutions.
The use of AI and machine learning has become critical in detecting and preventing false claims such as buyer’s remorse or price hedging, particularly in high-risk industries like ticketing.
Relevant Economic Impacts or Financial Data
Merchants in high-transaction industries are facing increased financial losses due to chargebacks, including friendly fraud, which necessitates the adoption of sophisticated solutions to mitigate these losses.
Notable Expert Opinions
Ofir Tahor, CEO of Justt, emphasized that the partnership helps businesses boost their chargeback win rates, gain valuable insights from every transaction, and save time by streamlining their processes.
Martin Sweeney, CEO of Ravelin, noted that the partnership delivers a powerful, AI-driven solution that addresses complex challenges merchants face, minimizing losses and enhancing operational efficiency.
Enhanced Capabilities
The partnership combines Justt’s automated chargeback response with Ravelin’s fraud detection expertise, allowing for dynamic and optimized responses to disputes at scale through A/B testing.
Merchants gain access to Justt’s customer hub, providing enriched data on disputed transactions and in-depth insights into chargeback performance across various payment methods.
The integration of Ravelin’s data into Justt’s chargeback management system strengthens evidence submissions, enhancing the effectiveness of dispute processes with minimal additional effort.
Frequently Asked Questions
1. What does the partnership between Justt and Ravelin offer to merchants?
The partnership combines Justt's automated response mechanism for chargebacks with Ravelin's expertise in fraud detection. This collaboration aids merchants in enhancing their win rates and minimizing chargeback-related losses. Merchants will also gain access to Justt's customer hub, which provides valuable insights into disputed transactions and detailed performance metrics across various payment service providers (PSPs) and payment methods.
2. How does the partnership address the needs of high-risk sectors?
Merchants in high-risk sectors such as food delivery, transportation, and event ticketing can leverage specialized solutions designed for their unique fraud and chargeback challenges. Noteworthy features include:
Rapid detection of false claims: AI technology swiftly identifies illegitimate claims, like buyer’s remorse or price hedging.
Avoiding unnecessary losses: By addressing these specific fraud patterns, merchants can significantly reduce financial setbacks linked to chargebacks.
3. What type of data integration is offered to enhance dispute challenges?
Through the integration of Ravelin's data collected during the fraud assessment process, Justt’s chargeback management system strengthens evidence submissions. This allows merchants to enhance their dispute processes effectively with minimal added effort, thus gaining a critical edge in combating fraudulent claims.
4. How does the AI technology contribute to fraud detection?
The AI technology in Justt and Ravelin's solution swiftly identifies illegitimate claims and fraud patterns, particularly in high-risk sectors. Its rapid detection capabilities help merchants to prevent losses before they occur.
5. What insights can merchants access through Justt's customer hub?
Merchants have access to enriched insights into disputed transactions and detailed performance metrics, including their win rates across various payment service providers (PSPs) and payment methods, which aid in effective decision-making.
6. How does the partnership streamline processes for merchants?
By integrating chargeback automation with advanced fraud detection, the partnership streamlines processes, allowing merchants to save time and enhance operational efficiency while minimizing losses.
7. What is the significance of the enhanced evidence submission feature?
The enhanced evidence submission feature empowers merchants to provide stronger documentation in disputes, thereby increasing their chances of successfully challenging fraudulent claims with minimal effort.
8. What industries can benefit the most from these solutions?
Industries such as food delivery, transportation, and event ticketing stand to gain the most from these tailored solutions that address their specific fraud and chargeback issues.
9. What do the executives from Justt and Ravelin say about the partnership?
Ofir Tahor, CEO of Justt, noted the partnership's potential to tackle the growing issue of illegitimate chargebacks, while Martin Sweeney, CEO of Ravelin, emphasized the powerful AI-driven solutions provided to merchants facing complex challenges. Both highlight enhanced operational efficiency and increased win rates as key benefits.
10. Can merchants expect to see immediate results from using this solution?
While immediate results can vary, the integration of Justt's automated response mechanism with Ravelin's fraud detection capabilities aims to significantly enhance chargeback win rates and provide critical insights, potentially leading to more favorable outcomes for merchants over time.
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