Justt, a leader in AI-powered chargeback mitigation, announced a strategic partnership with Ravelin, a global provider of AI-native fraud detection and prevention solutions. This collaboration will significantly enhance fraud prevention and chargeback management for merchants operating in high-risk industries such as Food Delivery, Transportation, and Event Ticketing.
The solution is now live and available to all merchants on Ravelin’s platform.
As payment fraud continues to grow as a significant challenge for merchants, particularly in industries with high transaction volumes, they face increased losses due to friendly fraud and other types of chargebacks. Friendly fraud — in which consumers dispute legitimate transactions — has surged in recent years, making it crucial for merchants to adopt sophisticated solutions to mitigate this issue.
According to the Ravelin Fraud and Payments Survey 2024, 52.4% of businesses reported an increase in fraudulent chargebacks, and 66% of fraud prevention professionals identified AI and machine learning as essential tools in combating these threats. The Justt-Ravelin partnership offers merchants a comprehensive, AI-driven chargeback solution that also strengthens fraud prevention efforts. It dynamically tailors responses to each dispute at scale and employs A/B testing to continuously optimize results, making it highly effective in adapting to the evolving nature of chargebacks.
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Key Benefits of the Partnership:
- Comprehensive chargeback and fraud management: The partnership combines Justt’s automated chargeback response with Ravelin’s fraud detection expertise, helping merchants improve win rates and reduce chargeback losses. Merchants also gain access to Justt’s customer hub, offering enriched data on disputed transactions and in-depth insights into chargeback performance including win rates across various payment service providers (PSPs), payment methods, and more.
- Targeted solutions for high-risk verticals: Merchants in food delivery, transportation, and ticketing, and other high-risk industries will benefit from targeted solutions that address the specific fraud and chargeback challenges unique to each industry. For example, AI can swiftly detect false claims related to buyer’s remorse or price hedging that are common in ticketing industries, helping merchants avoid unnecessary losses.
- Stronger dispute challenge evidence through integrated data: Ravelin‘s data, gathered during the fraud decision-making process, will feed into Justt’s chargeback management system and allow merchants to strengthen evidence submissions, resulting in more effective dispute processes with minimal additional effort.
Ofir Tahor, CEO of Justt, said, “We’re excited to partner with Ravelin to tackle the growing problem of illegitimate chargebacks, a critical issue for merchants and companies across industries. By combining our chargeback expertise with Ravelin’s advanced fraud detection, we’re helping businesses boost their chargeback win rates, gain valuable insights from every transaction, and save time by streamlining their processes.”
Martin Sweeney, CEO of Ravelin, added, “This partnership with Justt brings together two leaders in fraud prevention and chargeback mitigation, to deliver a powerful, AI-driven solution that addresses some of the most complex challenges merchants face today. By integrating our fraud detection expertise with Justt’s chargeback automation capabilities, we’re providing merchants in high-risk sectors with a comprehensive toolset that not only minimizes losses but also enhances overall operational efficiency.”
SOURCE: PRNewswire