Handling the Holidays: Predicting Chargeback Surges in 2024

According to all major chargeback information outlets, 2024's holiday season will look similar to 2023. To get a better idea of what you can expect, what to look for, and what to avoid, check out these shocking stats from 2023. 

Chargeback volume

In 2023, consumers charged back over $65 billion, and retailers experienced over $243 billion in impacts related to chargebacks. 

Return fraud

In 2023, return fraud cost U.S. retailers $101 billion. Wardrobing, where customers return an item after using it for an event, was the most common type of return fraud. 

E-commerce fraud

In 2023, e-commerce fraud was expected to exceed $48 billion globally, with North America accounting for over 42% of the total. 

Here are some ways to prevent fraudulent chargebacks during the holidays:

Provide package tracking: Offer real-time package tracking and delivery confirmation to reduce false claims of delivery failure. 

Use a chargeback management service: Work with a service to handle disputes and reduce chargeback risks. 

CLICK HERE to read about what the premier chargeback management service can do for any e-commerce businesses. 

Clear terms and conditions: Make sure to update your terms and conditions for each auction and carefully review your authorization terms. Your policy is key for how you will engage with bidders when issues arise. Though terms and conditions can help prevent fraud, you are still responsible for the accuracy of your listings and providing bidders with the product that is promised. 

Written by:

Juli Dupont

November 26, 2024     Updated 12:11 PM

Juli is the customer success guru at AuctionNinja, specializing in helping sellers achieve maximum success on the platform. With a background in the estates and acquisitions department at AuctionNinja's parent company, BRG, Juli possesses a deep understanding of the challenges and dynamics of the auctioneering and estate selling industry. Her expertise makes her the go-to person for sellers navigating the ever-changing marketplace. Juli holds a Bachelor of Arts degree in English.

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