As a small business owner, I’m struggling with customers making fraudulent chargebacks. It’s affecting my cash flow and taking up too much of my time. What are some effective strategies or tools to reduce these types of claims?
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To combat fraudulent chargebacks, merchants should implement robust verification systems, including 3D Secure and address verification. Additionally, maintaining detailed transaction records and using fraud detection tools can help minimize chargeback risks. Regular monitoring of chargeback ratios and tracking customer net worth can also aid in identifying suspicious patterns early.