Tokenization is a strategy that revolves around security and offers robust protection for confidential data.
In its most basic form, tokenization replaces sensitive data with an exclusive, randomly generated substitute, referred to as a token. The core purpose of the token is to stand in for the actual data during transactions,
A Merchant Identification Number (MID) is a unique identifier assigned to a business by its payment processor or acquiring bank. This number is used to track transactions made through the business’s merchant account, helping to ensure that payments are processed accurately and securely.
The Fair Credit Billing Act (FCBA) is a federal law in the United States enacted in 1974 to protect consumers from unfair billing practices. It provides guidelines for resolving disputes related to billing errors on credit card accounts,
Reversing a chargeback is the process of challenging a disputed transaction that has been initiated by a customer through their bank or credit card issuer.
When a customer files a chargeback, they are essentially requesting a refund from their bank or credit card company.
Velocity checks in eCommerce fraud prevention are a crucial strategy used to detect and mitigate fraudulent activities.
These checks involve monitoring and analyzing the frequency and rate of transactions or specific behaviors performed by a user within a given timeframe.
A “payment reversal” is a term that encompasses any instance in which funds from a transaction are returned to the cardholder’s bank account. Sometimes referred to as “credit reversals” or a “reversal payment,” this process includes authorization reversals,
Fraud scoring is a method used by businesses to assess the likelihood that a transaction or user is fraudulent.
This scoring system evaluates various data points, such as the user’s historical behavior, transaction patterns, and geographical location,
A CVV code, or Card Verification Value, is a three or four-digit number found on credit and debit cards, serving as an additional layer of security for card transactions.
This code is typically located on the back of the card for Visa and Mastercard,
Chargeback alerts are a proactive tool used by merchants and financial institutions to manage and prevent chargebacks.
When a transaction is disputed by a customer, a chargeback alert is immediately sent to the merchant, notifying them of the potential chargeback.
A provisional credit is a temporary credit extended to a bank account holder while a disputed transaction is under investigation. This initial credit ensures that the account holder retains access to their funds during the dispute resolution process.