... PREVENTING CHARGEBACKS... BEFORE THEY HAPPEN IS INDEED MORE COST-EFFECTIVE THAN FIGHTING THEM AFTER THEY HAVE OCCURRED...
CHARGEBACKS
In practice, this means implementing strong authentication protocols to verify customer identities and defeat scams like ATO fraud. Online retailers, for instance, may ask callers to confirm their email addresses, usernames, and phone numbers. The calls should proceed only if they can get a match on all three data points.
Financial institutions and banking providers should put even more stringent verification measures in place. At a minimum, representatives should ask callers for the last four digits of their Social Security numbers and for their email addresses, along with security or challenge questions.
Additionally, SMS-based one-time codes, which can be initiated by representatives upon customer contact, can be layered on top of standard security measures to thwart unauthorized access.
... PREVENTING CHARGEBACKS... BEFORE THEY HAPPEN IS INDEED MORE COST-EFFECTIVE THAN FIGHTING THEM AFTER THEY HAVE OCCURRED...
Beyond this, contact centers should establish and stick to best practices. Secure data handling standards, recording and monitoring customer interactions for red flags, and training representatives to identify and respond to social engineering tactics are all important.
ALL PART OF A COMPREHENSIVE STRATEGY
These five tactics, when simultaneously present, can help merchants use contact centers to their fullest advantage. Implementing swift, single-call resolutions, empowering frontline agents to offer compensation, embracing a comprehensive omnichannel approach, using breakthrough technology, and fraud prevention, detection and mitigation are not merely good ideas; they are strategic necessities.
Ultimately, merchants must remember that the contact center is their first line of defense against customer dissatisfaction. And in an increasingly fraud-prone landscape where mere dissatisfaction often leads to friendly fraud, contact centers can be a critical and powerful tool in preserving hard-earned revenue.
Monica Eaton is the Founder and CEO of Chargebacks911 and Fi911, leading global innovation in chargeback management and dispute resolution. Under her leadership, Chargebacks911 and Fi911 have protected over 10 billion transactions and recovered more than $ 4 billion in chargeback fraud on behalf of merchants and banks around the world.
We hope you didn ' t miss Steve Morrell ' s article, THE GREAT CONTACT CENTER STANDOFF: CUSTOMERS WANT HUMANS, BUSINESSES PUSH AUTOMATION--WHO WINS? Steve shares his research findings from Contact Babel ' s " The 2025 US Contact Center Decision-Maker ' s Guide."
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