Monica Eaton-Cardone, COO and co-founder of dispute management specialist, Chargebacks911z has been named winner of the Women in Payments US Innovation Award.
The 2020 awards programme, which took place at the Ritz-Carlton Tysons Corner, in Virginia, USA this week, recognises the achievements of those that distinguished themselves as leaders and innovators in the payments industry throughout 2019.
Monica scooped the gold thanks to the instrumental role she played in promoting innovation in the payments industry, using her creativity, vision and perseverance.
Monica set up Chargebacks911 over a decade ago to tackle $100 billion (€91.9 billion) + chargeback fraud problem. The company works to prevent friendly fraud and mitigate chargebacks by mending inefficient business processes, using its Intelligent Source Detection (ISD) technology and expert data analysis.
Throughout 2019, Monica worked closely with some of the largest retailers and financial institutions to continue tackling the issue. Judges favoured the effectiveness of the technology that Monica helped create, despite no formal qualifications in software engineering. It uses a combination of payment data, enriched industry data, big data, and proprietary AI and machine learning applications to identify the true cause of disputes – an essential part of mitigating chargebacks.
With Monica’s direction, the company engineered an eight-step representment process that is now industry best practice for merchants in digital goods industries, allowing it to identify friendly fraud that was previously impossible to detect.
On receiving the award, Monica commented, “It’s amazing to be recognised by the Women in Payments for this award. With the digital age bringing an influx of chargebacks and friendly fraud, so it’s encouraging that my achievements in fighting the issue are recognised.”
In addition to her hard work helping businesses effectively mitigate chargebacks, Monica has also leveraged the success of her company to set up a not-for-profit organisation, Get Paid for Grades, which aims to inspire the next generation of young innovators.
Monica added, “Going forward, I hope winning this award will help inspire diversity in the payments industry and encourage young women to consider STEM subjects as part of their education. We need greater diversity at senior level throughout the entire tech industry to solve some of the industry’s most difficult issues.”
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