Protect Your Business from Fraud One of the biggest ways for your business to lose money is to not work to fight real and friendly fraud. If you do not keep them under control, your business will be looking at a lot of chargebacks, which is when a card issuer requires a merchant refund a disputed or fraudulent transaction. Too...
Transaction laundering is one of the recent and highly dangerous scams in the payments industry. Are you a merchant trying to protect yourself from transaction laundering? Are you interested in chargeback protection? This article will help you get answers to your questions. What Is Transaction Laundering? Transaction laundering is also called credit card laundering or factoring. Besides, it’s also known...
With the number of credit card transaction disputes rising and processing costs and time increasing, Visa introduced the Visa Claims Resolution (VCR) initiative. Effective April 2018, all disputes will be processed through this new global dispute resolution process. By automating and simplifying the dispute-resolution process, Visa hopes to improve the efficiency of handling disputes. Get to Know the Changes Visa’s...
It’s estimated that Americans lose approximately $50 billion a year to financial scams, and there are indirect costs like bounced checks, late fees, trouble meeting monthly expenses and even bankruptcy. So, it’s no stretch to say that fraud also results in emotional costs, which are, in fact high. 50% of victims report having felt severe stress, and over 1/3 report...
Approximately 25% of a retailer’s annual returns are associated with the few weeks following the holidays. Product returns are even more pronounced in the eCommerce field. During the 2016 season, 1 out of every 3 purchases were returned. Chargeback Protection Chargebacks are of special concern during the holiday season since eCommerce dominates the holiday shopping season, with steady year-over-year (YOY)...
The holiday season is usually as hectic as it is jolly for retailers. Sales generated during the holidays contribute to the bulk of a merchant’s annual revenue. On the other hand, the sky-rocketing demand usually leaves businesses gasping for air. And, as if managing and satisfying deal-hungry customers isn’t overwhelming enough, there’s also the many cases of fraud and chargeback...
Who is a High Risk Merchant? Any merchant who has one or more of the following characteristics is considered high risk: irregular high-ticket sales a record of high chargebacks Falls in an industry that major banks are not willing to support, or Any other highly regulated industry. Note that this high risk merchant account classification depends on your industry category...
Thanks to Internet services and websites, people pay bills, shop, make online reservations and even work easily. However, all these things are very often accompanied by fraud. Small and major data breach are so common in our digital world. The identities of millions of Americans appear in the hands of the wrong people from time to time. Online Fraud and...
Chargebacks occur when a customer files a dispute with his/her bank regarding a credit/debit card transaction. The problem arises when the merchant doesn’t participate in the dispute process or is informed too late. In 58% of all instances, merchant are never notified of the pending dispute, which makes them helpless and unable to defend themselves against the initial chargeback. Top...
As fraudsters find new ways to imitate their victims, ID fraud soars to record levels. It would seem these criminals are applying for fake policies to build on the profiles of their victims. Fraud prevention service, Cifas, revealed that identity theft reached an all-time high during the first six months of 2017. According to their data, 89,000 identity frauds were...
