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How Accertify Fraud Management helped Greyhound cut online fraud by 90% in seven months – on target to meet estimated annual ROI of $884K – and is growing its bottom line with Chargeback Management.
By 2009, fraudsters had targeted Greyhound by using stolen credit cards to buy e-tickets, and then reselling these at a discount via Craig’s List or in face-to-face transactions. Chargebacks grew from about $2 million in 2010 to about $4.5 million in 2012. The chargeback rate would periodically graze over 1%, risking company placement on card brand watch lists with attendant fees and penalties. There was no effective process for managing the fraud, and chargebacks were processed manually, so Greyhound decided to find a comprehensive, automated solution to lower website fraud and chargebacks.
After conducting market research and analyzing technology options, Greyhound opted to go with the suite of Accertify solutions, including Accertify Fraud Management, Accertify Chargeback Management, and Accertify Payment Gateway. Since Greyhound was new to automation of fraud and chargeback processing, the company turned to the experience and expertise of Accertify Managed Services to deploy and manage the solutions. As witnessed by other Accertify customers, the higher rate of transactions processed by Managed Services often delivers better fraud control and lower chargebacks, as opposed to a single customer managing everything in house.