Verifi, Inc. is the leader in providing payment and risk management solutions for card-not-present merchants. Today the giant has announced that recently launched operations in the UK have exhibited significant growth. Within the first quarter of launching in the UK, the Company has already rapidly increased their service footprint among its issuing bank partners as their award-winning Cardholder Dispute Resolution Network (CDRN) is adopted beyond their US base.
Cardholder disputes represent a significant share of credit card fraud throughout the world. According to Financial Fraud Action UK, fraud losses on UK-issued credit cards totaled £321.5 million in the first half of 2016, representing a 31 percent increase from the same period 2015.
Verifi commenced operation in the UK in mid-2016 and currently supports hundreds of merchants and recognized global brands in diverse industries ranging from digital music, information technology, entertainment as well as top High Street and UK ecommerce clients. In response to the Company’s rapid expansion and demand for services, Verifi has broadened their investments in facilities and key personnel to expand its UK-based chargeback network coverage.
“The demand for CDRN in the UK has exceeded even our own expectations,” said Matthew Katz, CEO of Verifi. “We have shown great success in a short period of time and expect to extend our UK network coverage for CDRN to 70% by the end of 2017. We are also actively pursuing the overall EMEA region as a whole as the year progresses.”
CDRN’s unique and patented, closed loop process directly integrates with top issuers and provides unmatched service quality and accuracy for merchants and issuers to resolve disputed payments and dramatically minimize chargebacks and cardholder dissatisfaction. Providing merchants visibility into fraud and non-fraud customer disputes in near real time, CDRN’s closed loop process affords the highest level of true chargeback protection while avoiding false positives that result in lost sales, increased manual review time and decreased profits.
CDRN supports more than 25,000 merchant accounts and has prevented over 3.4 million fraud and non- fraud chargebacks. Additionally, CDRN has been recognized as the Best Chargeback Management Solution the last four consecutive years in addition to Best Chargeback Prevention Service.