The ongoing fight against fraud seems to be intensifying. Specifically, Friendly Fraud is on the rise and becoming more widespread. The term “Friendly Fraud” is a misnomer as there is absolutely no “friendly” intent on the part of the cybercriminals who engage in this illegal act. Friendly fraud, also known as chargeback fraud, happens when a customer purchases a product...
As a business, your ability to act in your customers’ interests is paramount for return business. Obviously, the first level of this is to provide honest, dependable and high-level services or products. But, in today’s world of growing fraud, that isn’t enough. It seems almost like every other day there is a data breach attached to a big name business....
The way we do business is gradually shifting towards fast, simple and convenient methods. While this is undoubtedly good for merchants and shoppers alike, it has also introduced new challenges regarding security and fraud. Here are three trends in e-commerce, and how they’re influencing the raging fight against online fraud. Instant Gratification These days, the one thing shoppers can’t tolerate...
The Internet of Things is making the world more digitally driven and digitally connected. It’s estimated 50 billion smart devices will be used all over the world by 2020. Of course, this will highly add to the convenience of making payments, enabling consumers to easily pay how they want and when they want. However, the issue of secure payment transactions...
According to the analysis a Silicon Valley anti-fraud technology provider, US merchants who are concerned about card-not-present fraud should pay attention to orders with billing and shipping addresses in the Southeast and Mid-Atlantic states. The software company examined over 1.3 million transactions from August 2015 to August 2016 and provided analysis for cities and states. The billing address on fraudulent...
A chargeback can be a detriment to any customer that has to experience it. An overdrawn bank account can lead to cash flow complications and various financial problems. A credit card chargeback can be efficiently reversed by filing a particular complaint. Some of the different complaints that can be filed include fraudulence, erroneous billing, and identity theft. When a complaint...
Chargebacks Harm Your Bottom Line A chargeback is when a customer reverses the transfer of funds from their accounts to your business due to a dispute regarding the transaction. Whether the product or delivery was faulty, there was a processing problem, or even occasionally fraudulent purchases, chargebacks are a costly issue that can cost a business large quantities of money...
Chargebacks are the detriment of everyone concerned. Whether it is the person that bought the product, the place the product was purchased or the cardholder’s bank. It causes issues for everyone and a long line of paperwork. Sometimes it can take several weeks to months to get a discrepancy taken care of and by then most everyone has forgotten...
