Written by BPS | Jul 21, 2023 11:48:15 AM
The Client
A Top 20 U.S. Bank
Challenge
- Huge spike in card disputes triggered by the pandemic situation primarily due to:
- Prepaid orders for merchandise/ services not received
- Cancellation of services which were no longer available
- Write-off threshold on disputed transactions raised from $20 to $50 to manage volume spikes resulting in significant losses for the Bank
Solution & Execution
- Coforge Card Dispute CoE team aligned to the project to manage volume spikes
- The team identified a solution for helping the Bank recover losses
- To revisit all charged off cases
- To identify available chargeback rights
- Process recovery chargebacks
- Overtime rolled out to get through the additional population of such recovery cases ()
- Chargeback processed on all identified cases with a quality of 98.54%
Value Delivered
- Enabled the Bank to have additional loss avoidance of $1 million
- Processing accuracy of chargebacks on cases identified for recovery at 98.54%, thereby ensuring no regulatory/financial impact to bank