In 1974, the Fair Credit Billing Act (FCBA) was passed as an amendment to the Truth In Lending Act. It’s objective was to protect consumers from billing practices that were unfair and to provide a means to address billing errors in credit card accounts. Although this act awarded millions of consumers a way to protect themselves from unauthorized, fraudulent, and...
It’s safe to say the supplement industry is booming. In fact, it just surpassed $120B and is projected to reach $230.7 billion by 2027, according to a new report by Grand View Research Inc. The main drivers of this massive growth are the ever-increasing global obesity rate and the considerable rise of fitness centers and gymnasiums – a growing health...
Merchants should consider chargeback insurance to protect themselves from online fraud. With the COVID-19 pandemic sweeping the country and the world, consumers are now looking online for goods, services, and entertainment. This sudden change in consumer purchasing behavior has great implications for eCommerce businesses. On one hand, eCommerce businesses have seen an explosion of sales. ACI Worldwide’s research has found...
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...
How to Prevent Online Fraud from Hitting Your Business In 2017, the number of consumer complaints about fraud, identity theft, and other concerns dropped to 2.68 million, according to the Federal Trade Commission’s 2017 Sentinel Network Data Book. There were 2.98 million in 2016. Despite the decrease in overall complaints, consumers still reported a total loss of $905 million to...
It’s pretty clear. Many shoppers opt to “Click and Collect” or “Buy Online, Pick Up in Store” (BOPIS) to avoid shipping costs, ensure their purchases were correct, and to get items sooner. The increased interest is why mega retailers, Target and WalMart plan to expand their BOPIS services. By the end of 2018, both retailers plan to expand their click...
Online payment fraud doesn’t stop to be a threat. Merchants in the US are overwhelmingly attacked by fraudsters. The eCommerce industry’s loss accounts for billions of dollars due to chargebacks. Is chargeback insurance something you’re interested in? Just go on reading this article and you’ll learn what you need. Fraud Losses: Need Chargeback Insurance? eCommerce companies are applying more advanced...
As the world continues to move full throttle away from cash transactions, cybercriminals have stepped up their games in terms of fraud. In 2017, there were 16.7 million reported victims of identity fraud, which is equivalent to 6.64% of the U.S. population, according Experian, one of the three major credit reporting agencies. Compared to 2016, this was a more than...
Though 82% of the 1,000 online, multi-channel and mobile commerce merchant surveyed dispute chargebacks, many indicated that they lack the necessary expertise to get them reversed, according to Kount’s State of Chargebacks 2018. The long, tedious process surrounding the dispute process, as well as merchants’ lack of skills and knowledge to get chargebacks reversed, are why one-fifth of merchants win...
Online chargeback is a thing that business owners should be wary of when selling services or products online. Are you dealing with chargebacks? What are the reasons? How can you prevent chargebacks? This article will give answers to your questions. What Is a Chargeback? The groundwork for credit card chargebacks is associated with The Truth in Lending Act of 1968....
