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GeoComply and Accertify Partner to Help Solve Friendly Fraud Chargebacks
Thursday, September 1, 2022Company Profile | Careers | Follow Company
GeoComply's advanced geolocation intelligence and Accertify's chargeback management help solve $130B problem
Vancouver, BC, September 1, 2022--(T-Net)--GeoComply, a leader in geolocation security, announced that it has launched an industry-first Chargeback Integrator System to help solve costly chargeback disputes, especially friendly fraud chargebacks, for gaming operators.
In partnership with Accertify, an American Express company, the all-in-one solution infuses geolocation data into chargeback representments, combining GeoComply's compliance-grade geolocation data with Accertify's industry-leading chargeback management solution.
The gaming sector continues to experience burgeoning growth, with total wagering expected to top $81 billion globally in 2022.1 However, with this growth, also comes the potential for first party misuse - where customers make a transaction or place a bet but then dispute the charge as fraudulent.
This has become a costly and serious problem for operators who do not have adequate tools in place to prevent it. It is estimated that by 2023, first party misuse / friendly fraud alone will amount to $130 billion globally, and at present, only 18% of the merchants that dispute those chargebacks are actually successful.2
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Anna Sainsbury, CEO, GeoComply
"Each year, online gaming operators experience significant revenue loss due to friendly fraud, a growing issue driven by the continuing growth of eCommerce," comments Anna Sainsbury, Co-Founder & CEO, GeoComply. "By partnering with Accertify, we can now provide operators with the evidence they need to successfully defend against chargeback disputes, and we can automate the entire process."
"GeoComply's advanced geolocation technology combined with their deep industry expertise with gaming operators makes them the perfect partner to help automate and reduce chargebacks," said Mark Michelon, President, Accertify. "This first-of-a-kind solution is a game-changer, and our collaboration will make a positive impact for gaming operators."
About GeoComply
GeoComply provides fraud prevention and cybersecurity solutions that detect location fraud and help verify a user's true digital identity. Our award-winning products are based on the technologies developed for the highly regulated and complex US online gaming and sports betting market. Beyond iGaming, GeoComply provides geolocation fraud detection solutions for streaming video broadcasters and the online banking, payments, and cryptocurrency industries, building an impressive list of global customers including Amazon Prime Video, BBC, Akamai, DraftKings, FanDuel, and MGM.
The company's software is installed on over 400 million devices worldwide and analyzes over 9 billion transactions a year, placing GeoComply in a unique position to identify and counter both current and newly emerging fraud threats.
Proven and refined with over 10 years of development, GeoComply's solutions incorporate location, device, and identity intelligence along with advanced machine learning to detect and flag fraudulent activity. By integrating GeoComply's solutions into their processes and risk engines, organizations are able to identify fraud earlier in a user's engagement, better establish their true digital identity and empower digital trust.
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