Chargebacks can quickly turn into a nightmare for business owners. A chargeback refers to the act of returning funds to a customer. The primary purpose of a chargeback is for consumer protection. However, this mechanism is often understood, misused and abused and can have a crippling effect on merchants. A chargeback occurs when a cardholder requests that their bank reverse...
According to a report on Statista.com, retail e-commerce sales in 2019 reached a whopping 3.53 trillion US dollars. Online retail’s revenues are expected to reach 6.54 trillion US dollars by the year 2022. The soaring numbers indicate that online shopping is continuing to grow in popularity worldwide. With this much cash floating across the interwebs, there is no doubt that...
The definition of a chargeback is the act of reversing a payment and returning funds to a customer. At first, it may seem as if a credit card chargeback is a traditional refund, but there is a big difference. Instead of going to the business to process a refund, the customer goes to the issuing bank which then directly takes...
Taking credit card payments is the order of things when it comes to online customer-retailer relations. And to be able to accept cards, debit or credit, you must have access to a merchant account. Normal businesses will find many willing merchant account providers but those classified as high-risk for one reason or another must hassle hard or look in the...
For business owners, shifting to online platforms often comes with a host of risks no matter the industry you serve. Anyone can be a target! And now, new data from recent research by Iovation reveal that insurance is the next favorite e-commerce fraud target. Cybercriminals are increasingly eyeing firms that offer insurance services as web-based payments for the sector surge...
Chargebacks refer to when a customer disputes a transaction with a merchant, allowing them to receive their money back while keeping the product or services that they received. Oftentimes, the merchant isn’t even aware that a transaction is being disputed until after the funds are taken from their account. At this point, they have only two weeks in which to...
Account takeover cases in the UK are on the rise. An account takeover is a form of identity theft where criminals illegally access bank accounts, credit cards, or online e-commerce accounts with the use of bots or other techniques. Once they have access, they can illegally shop and carry out fraudulent transactions from the compromised accounts. During the first half...
Investigators and forensic experts have recently met in Spain during the Europol Training Course on Payment Card Fraud and Investigations. This article will tell you how fraud fighters are trying to make payments a better world to be in and will help you find a trustworthy processor to rely on. Fraud Fighters & International Law Enforcement Business costs associated with...
Fraud detection and prevention are among the top difficulties for both small and large companies. This is especially true of those involved in the payments industry. It’s a common knowledge that fraud results in negative outcomes for your organization’s bottom line, and causes damage to its reputation. So, how the latest fraud solutions, including those associated with artificial intelligence (AI),...
Equifax Inc. must pay victims of its breach in 2017 at least $575. Mostly, this must be done in the form of free credit monitoring. This was the very breach, because of which the sensitive data of about 150 million people was hacked. To know the latest developments concerning the Equifax breach and discover the right processor to accept payments...
