GeoComply toughens its game on friendly fraud chargebacks

GeoComply has teamed up with Accertifyin order to deepen its understanding of friendly fraud chargebacks and help tackle the issue. The company, which is a leader in the North American market when it comes to geolocalization solutions for the gambling and sports betting industry, is once again seeking to deepen its understanding of key business vulnerabilities.

Friendly fraud chargebacks remain a persistent issue for gaming operators that are partnering with GeoComply to ensure they keep people gambling within each jurisdiction’s legal boundaries. Should Accertify and GeoComply succeed in bringing a solution to the way friendly fraud chargebacks are handled, this could offer a solution to a problem that costs companies from all sectors $130 billion annually.

This comes against a backdrop of global growth for the gaming sector, which is expected to process as much as $81 billion globally. As there is more money flowing into the industry, operators are finding themselves vulnerable to such fraudulent practices. Chargebacks seem to favor the customer as well, as only 18% of companies that dispute chargebacks are actually successful, GeoComply explained in a press release.

What this means is that a new way to ascertain the validity of a chargeback request is needed. GeoComply co-founder and CEO Anna Sainsbury is confident that online gaming operators have just as much to lose from this problem as all other businesses, such as eCommerce platforms.

"By partnering with Accertify, we can now provideoperators with the evidence they need to successfully defend against chargeback disputes, and we can automate the entire process," Sainsbury confided. Sainsbury is confident that Accertify’s product offer along with GeoComply’s technological capabilities would yield the desired results in giving the gaming industry the tools necessary to protect themselves from bad actors and fraudulent requests

Accertify president Mark Michelon welcomed the partnership and hailed it as a "first of its kind" solution designed to make sure that the industry has a way of addressing an underlying issue that is no doubt going to grow much worse.

GeoComply’s advanced tracking technology and expertise with gaming operators will guide Accertify as the company seeks to offer the means necessary for businesses to protect themselves and operate without incurring unnecessary losses.

Image credit: GeoComply