New Digital Payments in 2021: Opportunities and Chargeback Risks Survey from Kount, an Equifax Company, Reveals Payment Opportunities and Risks for Merchants

BOISE, Idaho, Aug. 23, 2021 /PRNewswire/ -- Kount, an Equifax Company, the leader in digital identity trust and fraud prevention, has published the first of its kind "Digital Payments in 2021: Opportunities and Chargeback Risks" survey. The survey takes a deep dive into 2021 chargeback trends and risks across customer experiences, both pre and post payment authorization.

Kount commissioned Atomik Research to survey over 500 U.S. adults who work for companies that process at least 500 online transactions monthly. The findings reveal insights into why many businesses have indicated their chargeback rates have increased, their top chargeback sources and challenges, and how they manage and dispute chargebacks.

Survey highlights include:

• 58% think their company's chargeback rate has increased since March 2020.
• 45% of respondents who think their company's chargeback rates have increased since March 2020 speculate delivery delays are the top reason for the increase.
• 70% of companies have been in a fraud monitoring program in the last 12 months.
• 15% of respondents say their companies don't use post-authorization chargeback tools.

The report finds today, an average of 33% of companies accept card-not-present (CNP) payments via contactless payment apps, online transactions, and telephone. Additionally, 19% accept cryptocurrency, and 86% offer subscription-based or recurring billing, exposing more businesses than ever to the ups and downs of e-commerce. While accepting more payment methods means businesses can better compete and cater to consumers' needs, results indicate these new payment methods also increase a business's risk of accepting fraudulent orders and dealing with the resulting chargebacks.

"The report reveals an opportunity for businesses to elevate their fraud prevention to better protect from the growing risk of chargebacks and the fees associated with them," said Brad Wiskirchen, Senior Vice President and General Manager of Kount, an Equifax Company. "By having the proper tools in place, businesses can save time and money and improve brand reputation while avoiding costly fraud monitoring programs."

To learn more about the "Digital Payments in 2021" survey, please visit The Kount Blog, or  download the full survey here.

ABOUT KOUNT, AN EQUIFAX COMPANY
Kount delivers real-time fraud prevention and account protection, and it allows more than 9,000 leading brands and payment providers to customize customer experiences. Linked by our award-winning AI, Kount's Identity Trust Global Network^TM analyzes signals from 32 billion annual interactions to personalize user experiences across the spectrum of trust — from frictionless experiences to blocking fraud. Quick and accurate identity trust decisions deliver safe payment, account creation, and login events while reducing digital fraud, chargebacks, false positives, and manual reviews.

ABOUT EQUIFAX INC.
At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by more than 12,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit Equifax.com.

FOR MORE INFORMATION
Lacey Briggs for Kount, An Equifax Company
[email protected]

Kate Walker for Equifax
[email protected]

SOURCE Equifax Inc.

Related Links

http://www.equifax.com