Simply put, refund fraud happens when a customer seeks a refund for goods they have purchased and received – but retains rather than returning the goods. Many businesses are apt to regard this kind of activity by “bad actors” – but let’s call them fraudsters, for that is what they are – as just an inevitable cost […]
First announced in April 2019, Mastercard’s Excessive Chargeback Merchant Program (ECMP) imposes significant financial penalties on merchants that incur what the network regards as unusually high levels of chargebacks. It might seem very unfair. Particularly if you’re one of the vast majority of businesses that try to do the right thing by their customers, but […]
Rapidly developing payment technologies offer great opportunities for businesses. But they’re also very tempting targets for fraudsters. Fraud Prevention – Why the Old Ways No Longer Work And there’s no doubt that criminals are becoming ever bolder and more sophisticated in their attempts to steal from both merchants and customers. Unfortunately, therefore, the old rule-based […]
As a merchant, you’ll be only too well aware of the costs of chargebacks. And you know that those costs go far beyond fees and lost merchandise. Every chargeback you incur takes hours to process or contest. And you stand to lose not just the value of the disputed sale, but also the cost of […]
Contactless payments have been commonplace in Europe and the UK for some years now, but take up in the US had been relatively slow until the advent of the pandemic. Now, though, the trend towards contactless is accelerating rapidly as merchants, issuing banks, and major networks race to respond to customers’ desire for safer payment methods. How […]
What is Counterfeit Fraud? Chargebacks under Visa’s Reason Code 10.1 are initiated when a fraudster uses a counterfeit EMV (chip and pin) card and the rightful cardholder claims that they did not initiate the card-present transaction. How it Happens In rare cases, a skilled fraudster may be able to physically tamper with a card’s […]