Almost 20% of US businesses fail before two years of operating. Although this may seem like an alarming statistic, there are steps you can take in order to prevent this from occurring. Unfortunately, there are many different credit card scams out there that aim to take advantage of small businesses. The better you understand these, the… Continue reading Credit Card Scams Merchants Need to Know About
TABLE OF CONTENTS What Is Chargeback Fraud? Increasing numbers of consumers are choosing to shop online. In the second quarter of 2021, total e-commerce retail sales increased about 28% from the previous year’s second quarter. Alongside the rise of e-commerce in recent years, friendly fraud and chargeback incidents have grown. Unfortunately, most merchants don’t know how to… Continue reading What Is Chargeback Fraud?
Every business that accepts payment by credit card knows the expense in both time and money that chargebacks can cause. Chargebacks can be initiated for a variety of reasons, of course, some of which are legitimate, or at least understandable. On the other hand, some are unreasonable, questionable, or outright fraudulent. It is necessary to… Continue reading How to Mitigate Chargeback Fraud
Just as there are various types of fraud, there are various subtypes of fraud, each with its own set of characteristics that often require countermeasures specific to that subtype. This applies to credit card fraud and its subtypes as well. Generally, there are three main types of credit card fraud: friendly fraud, chargeback fraud, and true… Continue reading “Friendly” Fraud
In Part 1, we looked at some issues related to credit card fraud, as well as “friendly fraud,” one of the three main types of credit card fraud. In Part 2, we will discuss more types of credit card fraud: chargeback fraud and true fraud. Chargeback Fraud Chargeback fraud is kind of like a less friendly… Continue reading Types of Credit Card Fraud Part 2
It should come as no surprise that on the flip side a new way to buy things is a new way to do so fraudulently. This is especially true when the new way to buy things involves new technology, this will also include new types of credit card fraud. If you wanted to buy something… Continue reading Types of Credit Card Fraud Part 1