GeoComply’s advanced geolocation intelligence and Accertify’s chargeback management help solve $130B problem
VANCOUVER, British Columbia, July 13, 2022: GeoComply, the market leader in geolocation security, today 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
“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.”
For further information on the GeoComply Chargeback Integrator System, or for a product demonstration, please contact: solutions@geocomply.com.
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.
For more information, please contact press@geocomply.com.
About Accertify
Accertify, Inc., a wholly owned subsidiary of American Express, is a leading provider of account protection, fraud and abuse prevention, payment optimization, and chargeback management. Accertify has been helping merchants respond to chargebacks since 2011, resolves more than five million chargeback disputes each year, and is integrated with 50+ acquirers globally. Accertify’s suite of products and services help companies grow their business by driving down the total cost of fraud, simplifying business processes, and ultimately increasing revenue.
For more information, please visit Accertify website or contact nealjstein@techprsolutions.com.
2 Please see, Juniper Research: Retailers to Lose $130bn Globally in Card-Not-Present Fraud Over the Next Five Years (January 2, 2019), and Markets Insider: “Friendly Fraud” Expected to Top 130 Billion in 2020 (March 2, 2020).
