Stripe have recognised chargebacks as a problem and have an additional product called Radar For Fraud Teams that you can deploy.
Switch on Radar for Fraud Teams under Settings.
Stripe Radar is a combination of their own machine learning which will detect suspicious payments and block them and a set of additional manually configured rules which allow you to block or place payments into review.
Once switched on, you should make sure you have some common rules configured to block the most common attempts. Try these for starters:
Always request 3D Secure if available
3D Secure won't always be requested, unless you set all these three rules to "enabled":
Block a particular card country
In some cases, you may see particular patterns of fraud attacks from a bot which originate from a particular country. You can set up a rule to block all US issued cards for example:
If you want to check how adding a rule would have affected your previous customer payments, you can use the 'Test Rule' button before applying the rule. Stripe's interface also gives you a commentary over whether their system thinks the rule is too harsh or too lenient.
Head on over to Stripe Radar to configure your rules. Their support team will also be able to help you get set-up if you are unsure of how to use the rules.
Handling payments that go into review
When one of your Radar rules (e.g. an elevated fraud risk) is triggered and a payment goes into review as a result, Toggle will keep both you and the purchaser informed. You will receive an email letting you know a payment has gone into review:
Additionally, your purchaser will not receive a receipt email and will instead receive an email notification:
For payments in review, no order will be created until you manually approve the payment.
At this point, the purchaser will receive their normal receipt and the order will be created. If you choose not to honour the order and refund it instead, the purchaser will receive a notification to let them know;