Earlier this year, geolocation and anti-fraud specialist GeoComply revealed its latest innovation GCI, which combines GeoComply’s compliance-grade geolocation data and analytics with a direct integration to submit and follow chargeback representments via Accertify’s industry-leading portal into the merchant acquirers and payment networks.
Resorts Digital Gaming chief executive officer Ed Andrewes commented: “We are delighted to pioneer this industry-first solution and to do our bit to raise the bar ever higher against fraud. Working with GCI is a positive step in the right direction and will automate what is often a too manual and time-consuming process and, of course, save us a significant amount of money.”
When a customer disputes a transaction, GCI will automatically produce a Compelling Evidence Report that will pinpoint exactly which device placed the bet and from where. GeoComply’s research suggests that GCI will help operators boost their chargeback dispute success rate by up to 80 percent.
GeoComply director of business development Mahmoud El Shennawy said: “Chargebacks have grown exponentially over the past year and are eating into operators’ profit margins. GCI will boost the bottom line and improve operators’ relationships with credit card companies.”
It is estimated that digital card-not-present fraud will amount to $130 billion by 2023 and that only 18 percent of the merchants, which dispute those chargebacks, are successful.