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Is online casino chargeback that big a deal in online gaming?
Chargebacks911 CEO Interview: One of the downsides to online casino gaming is chargeback.
Gary Cardone who is the creator and CEO of a risk management, fraud handling company called chargebacks911tells us about the main concerns of the chargeback frauds and how they can be coped in online gaming scenarios.
Tell us about your professional career before you co-founded the Global Risk Technologies, parent company of Chargebacks911?
I do not belong strictly to payment industry. I actually spent 25 years trading with the most unstable and capricious goods which are natural gas and electricity. I have also spent 15 years in US creating reforms and helping markets. From 1992 to 2002 I worked with natural gas and electricity regulating authorities to help markets work more efficiently.
What motivated you to create Global Risk Technologies?
Ok it happened by chance. My COO took to an internet show in 2007. I observed it all for hour days and found extremely striking similarities between the online world and what I had practiced in my 25 years of career. So we did an experiment by white-labeling a product of a popular brand. And right when I was not aware of payment methods and checking out I made 1.2 million dollars in just 90 days. It happened when I was a novice to online industry. People usually are of the view that making money is very difficult job but in 2007 when both UK and US were hit with worst recessions I made 1.2 million dollars. It may not have been in the wildest dreams of developers that online marketplace would be worth 7.8% of all the commerce in 2015.
Our research has proved that a consumer is guilty of online casino chargeback by mistake or intentionally he is very much likely to repeat this behavior within 90 days. The probability of repetition of his behavior is 50%.
How intimate is your work with real-money online gaming industry?
A few of our projects are with gamers. We participated in the ICE Totally Gaming show. By 2009 we had taken the initiative to develop our technology products. We were live in 2011 with the audience and worked on a number of other like projects. We are in the phase of diversifying our retail value chain and looking for a vertical that does not pose a problem. It is exhausting as every vertical has its downsides. The problem is not with whether it is online or physical. Microsoft, Apple, Marks and Spencer, Gucci, no matter which brand it is; the fraud is there with the growth of their online businesses. Now when a consumer files a $2 chargeback against Microsoft and they contest that it was a fraudulent deal then they are most likely doing it for a $ 200 chargeback against a gaming site.
What is the connection between chargeback fraud and gaming industry?
The problem arises when the issuing authorities which are banks in most cases make mistakes. Consumers call them and say that they tell them about the so called charge. The crux of the problem is that husband may have placed a bet last night and then went out of town. The bet may have been lost and the wife calls up the bank and asks the person who is working at eight pounds per hour to take care of the charge. He replies in the affirmative. The research shows that when a consumer does this and get away with this fraud he will repeat this behavior within 90 days. There is a 50% chance of this happening. This happens in most of the cases because consumers do not know that this behavior could be penalized.