HomebusinessBanks have become unwittingly complicit in Friendly Fraud. As once a...

Banks have become unwittingly complicit in Friendly Fraud. As once a solution to a growing problem, banks, and financial institutions have made the chargeback process more convenient for consumers, who now find it more convenient and faster to file a dispute with their banks than to contact the merchant. Wells Fargo settles disputes within 10 working days, while Bank of America has a 30-day dispute settlement policy. But industry leaders say financial institutions cannot continue these enormous write-offs. New Solutions Needed to Prevent Chargebacks and Increase Merchants’ Win Rates. Considering this, Monica Eaton, CEO of Chargebacks911, the first global company fully dedicated to developing the most effective strategies for helping businesses manage disputes, mitigating chargeback risk, and eliminating chargeback fraud, announced today, Tuesday, June 6th, the appointment of payments industry leaders Guy Harris as its Chairman of the board, and Eric M. Hoffman as President of Interbank Solutions and board member. Guy Harris is the former Bank of America merchant services titan and 2021 Electronic Transactions Association (ETA) president, while Eric M. Hoffman is the current ETA president and a previous Apple executive.

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By jiggy
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Banks have become unwittingly complicit in Friendly Fraud.


As once a solution to a growing problem, banks, and financial institutions have made the chargeback process more convenient for consumers, who now find it more convenient and faster to file a dispute with their banks than to contact the merchant. Wells Fargo settles disputes within 10 working days, while Bank of America has a 30-day dispute settlement policy.

But industry leaders say financial institutions cannot continue these enormous write-offs.

New Solutions Needed to Prevent Chargebacks and Increase Merchants’ Win Rates.

Considering this, Monica Eaton, CEO of Chargebacks911, the first global company fully dedicated to developing the most effective strategies for helping businesses manage disputes, mitigating chargeback risk, and eliminating chargeback fraud, announced today, Tuesday, June 6th, the appointment of payments industry leaders Guy Harris as its Chairman of the board, and Eric M. Hoffman as President of Interbank Solutions and board member.

Guy Harris is the former Bank of America merchant services titan and 2021 Electronic Transactions Association (ETA) president, while Eric M. Hoffman is the current ETA president and a previous Apple executive.

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