How to Protect Your Business from Increasing Card Testing Fraud Losses
We know that most chargebacks are the result of friendly fraud. More than 80% of all chargebacks are traceable back to friendly fraud in one way or another.
We know that most chargebacks are the result of friendly fraud. More than 80% of all chargebacks are traceable back to friendly fraud in one way or another.
Following the Equifax breach in September 2017, everyone wants to know more about a specific hot-button topic: synthetic identity theft.
What is this form of online identity fraud,
Fighting a chargeback that you believe was filed without proper justification? As a merchant, you’ll need to prove that the original transaction was valid.
You’re standing in line at the grocery store with your 12-Items-or-Less. The person ahead of you is arguing with the cashier, so you look away. Something bright and sparkly catches your eye:
‘Watermelon-rhubarb bubble gum’?
The lack of positive identification is a major obstacle for card-not-present merchants. It’s even more complicated when an unauthorized purchase isn’t made by a fraudster, resulting in a family fraud chargeback.
No merchant likes chargebacks.
Each chargeback has a profound effect on the merchant’s profit margin, robbing them of their revenue, reputation and long-term sustainability.
The recent adoption of EMV card policies has merchants worried–and rightly so. Studies have shown that in countries where the EMV standard has been put into place,
Mobile wallets are continuing to revolutionise the way in which consumers interact with brands.
Not only are consumers able to pay at brick-and-mortar stores using their smart phones,
Recent changes to payment industry technology have added a new layer of protection for consumers concerned about credit card fraud. Adopting the new EMV standards has alleviated many consumer and merchant fears of stolen credit cards and unauthorised transactions.
It can be an insult added to injury: merchants who experience a chargeback are assessed an additional, nonrefundable fee on top of their lost revenue.
When a cardholder disputes a transaction, the bank performs a chargeback.