Travel companies have had a rough year, but we weren’t aware of just how rough until we saw a recent article on the TravelWeekly.co.uk website about how travel agencies and travel providers are being hit with chargeback double-dipping by some of their customers.
There are a few ways you can protect your online store from fraud. A recent TechShout.com article discussed a few ways you can protect your business and your store from fraudsters, whether it’s friendly fraud, malicious fraud, or hackers and cybercrooks. Based on that list, and a few recommendations of our own.
Friendly fraud is such a problem that it costs the credit card industry $31 billion per year. Friendly fraud and malicious fraud have increased over the last eight months, and many merchants were not prepared to fight it.
If you’ve ever left the house without your wallet or purse, there’s a good chance you still had your mobile phone with you. Of course, you didn’t discover the problem until you arrived at the coffee shop or grocery store, reached for your credit card, and discovered that you had forgotten it.
Merchants are susceptible to fraud and theft at the best of times, and the COVID-19 pandemic seems to have brought the worst out in a lot of people. Hackers and thieves are taking advantage of the confusion and are doing anything they can to crack our security and worm their way into our computer systems and our identities.
Honestly, credit card statements and bank statements can be some of the biggest sources of chargebacks, and can be a real pain for both merchants and banks. When a consumer doesn’t recognize a charge on their bank statement, they immediately call the bank and dispute the charge.
When dealing with credit card fraud, there are two basic types: Friendly fraud and malicious fraud. And as a retail merchant accepting credit cards and other forms of digital payments, it’s important to understand both so you can combat them both in their own way. Let’s start with malicious fraud.
