CFLedger: Preventing chargeback fraud with blockchain

Abstract

Chargeback fraud is a fast-growing threat to e-commerce, bringing huge losses to online sellers, but there is still a lack of effective technical counter measures. To combat chargeback fraud, this paper proposes a consortium blockchain based chargeback fraud data sharing mechanism — CFLedger, which includes multi-source reporting, anti-tamper accounting, and post-supervision. This paper also analyzes the efficiency, effectiveness, and practicality of CFLedger, proving that it is an effective and feasible mechanism to prevent chargeback fraud.