Industry-first GeoComply Chargeback Integrator (GCI) set to debut with New Jersey-licensed operator
October 11, 2022 (Vancouver, BC):
New Jersey operator Resorts Digital Gaming is set to become the first operator to launch the GeoComply Chargeback Integrator (GCI) to deal with the escalating problem of credit card chargebacks.
Earlier this year, geolocation and anti-fraud specialist GeoComply revealed its latest innovation GCI, which combines GeoComply’s compliance-grade geolocation data and analytics with a direct integration to submit and follow chargeback representments via Accertify’s industry-leading portal into the merchant acquirers and payment networks.
Resorts Digital Gaming chief executive officer Ed Andrewes commented: “We are delighted to pioneer this industry-first solution and to do our bit to raise the bar ever higher against fraud. Working with GCI is a positive step in the right direction and will automate what is often a too manual and time-consuming process and, of course, save us a significant amount of money.”
When a customer disputes a transaction, GCI will automatically produce a Compelling Evidence Report that will pinpoint exactly which device placed the bet and from where. GeoComply’s research suggests that GCI will help operators boost their chargeback dispute success rate by up to 80 percent.
GeoComply director of business development Mahmoud El Shennawy said: “Chargebacks have grown exponentially over the past year and are eating into operators’ profit margins. GCI will boost the bottom line and improve operators’ relationships with credit card companies.”
It is estimated that digital card-not-present fraud will amount to $130 billion by 2023 and that only 18 percent of the merchants, which dispute those chargebacks, are successful.*
*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).
About GeoComply Solutions Inc.
GeoComply provides fraud prevention and cybersecurity solutions that detect location fraud and help verify a user’s true digital identity. Trusted by leading brands and regulators for the past 10 years, the company’s geolocation solutions are installed on over 400 million devices and analyze over 9 billion transactions a year.
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 customers, including Akamai, Amazon Prime Video, BBC, BetMGM, DraftKings, FanDuel, and Sightline.
For more information, visit www.geocomply.com/awards-and-press/ or 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.
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