IdentityMind Updates Platform to Fight Chargebacks
May 28, 2013
Antifraud solutions provider IdentityMind has released version 1.10 of its antifraud and risk management platform. The company, which made the announcement during last week’s CNP Expo in Orlando, Fla., said the enhancements to the platform are evolutionary rather than revolutionary, but two important features were added that will make a difference for merchants in the area of chargebacks.
The platform now features interactive chargeback reporting that breaks down chargebacks by multiple parameters and can be used to identify trends, Jose Caldera, vice president of platform management, told CardNotPresent.com. The reporting enables merchants to alter their fraud and chargeback policy accordingly.
The new platform also includes proactive refunding, which leverages all the data IdentityMind culls from its third-party relationships with acquirers, ISOs and PSPs to identify transactions likely to be charged back and issue a refund before the chargeback occurs.
“In the digital goods world, this is huge,” Caldera said. “We are offering them the ability to be alerted when we suspect friendly fraud associated with any of their transactions. We tell them what transactions are affected and they can issue a refund before it becomes a chargeback, which costs them much more to process. This is a practice many merchants have adopted. It’s not that we have invented this, but we are giving them the tools to do it more efficiently. Most merchants can do this based on their own data. We have data from the back end of the network, too. Whenever we see anything that might end up a chargeback, we’ll let them know.”