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AI Fights Chargeback Fraud for Merchants
13 Jun
Summary
- New AI tool aims to automate merchant chargeback management.
- Chargebacks have increased due to customer disputes and friendly fraud.
- Findustry AI launched its chargeback service in June after raising $2.25 million.
Jonathan Razi, founder of Findustry AI and a payments veteran, has launched a new venture to help merchants automate the management of chargebacks. This issue has become a significant headache, exacerbated by an increase in customer disputes and "friendly fraud" where customers retain goods while disputing charges.
Razi, formerly of CardX, which he sold to Stax Payments in 2021, founded Findustry AI last year. The company rolled out its agentic chargeback services in June, following a $2.25 million funding round. The AI tool is designed to automate payments workflows, replacing tasks previously handled by human employees.
Findustry AI is currently serving clients such as Electronic Merchant Systems (Kurv) and AllPaid. Kurv is utilizing the chargeback agent for its operations and reselling it to its clients. AllPaid integrates the AI tool into client portals for managing payments for municipal and county clients.
