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Preventing Credit Card Fraud and Chargebacks

Posted by paysecuri on May 22nd, 2020

One of the worst things that can happen to you as a merchant is to receive a fraudulent chargeback for merchandise that you already delivered or a service that you have already performed. It is the most frustrating aspect of being in business for oneself.

Whether you are in business as a sole proprietor, corporation, online marketer or flea market vendor, receiving a fraudulent chargeback on goods and services is a bad situation for you and your business. For the sake of argument, a chargeback is a disagreement or dispute over a charge between a customer and a business entity.

However, a fraudulent chargeback is a form of credit card fraud and theft. The customer has already received the merchandise or service from the vendor and charged it on their credit card.

For unknown and malicious reasons, the customer decides to file an unauthorized charge with their credit card company with the intent of keeping the merchandise. To the merchant this is basically a fraudulent charge because the product or service was delivered to the customer in good faith, and now the customer is claiming they never received this merchandise or service.

These situations are never good for the merchant because even if the merchant was to eventually win the case and the credit card company reimbursed the funds, the fact that the merchant's money was held in limbo for weeks or even months is still a loss for the merchant.

Some additional problems for the merchant would be loss of funds and/or inventory, loss of fees associated with the chargeback and loss of credibility with the merchant services company. Obviously, chargebacks are not conducive of a good financial business model and can negatively affect a merchant's bottom line.

Whatever the motive or reason may be for fraudulent chargebacks, it is of utmost importance to keep them to a minimum. One of the best ways to do this is to stop fraudulent chargebacks dead in their tracks by utilizing fraudulent screening services, which are offered by credit card fraud Financial Services.

Other methods available are practicing and implementing common sense measures by checking ID Cards if selling face to face or ensuring complete information from the front and back of the credit card if selling online.

While it is important to practice good merchant safety, credit card fraud cannot be prevented. Seeking assistance from professionals that specialize in fraudulent screening services is a good way to ensure protection from this type of crime.

By screening transactions, these service providers are able to detect fraudulent activity and prevent transactions from actually occurring. Proper screening techniques are a positive step forward to protect you and your business from the many criminals lurking online and, in our society, today.

Credit card fraud costs merchants billions every year and it is only increasing. Preventing chargebacks from occurring by utilizing professional services seems a logical alternative to being caught ill-prepared and losing hard-earned money.

By practicing good safety measures and working with professionals specializing in fraud screening, we can at the very least reduce our exposure and losses to fraudulent chargebacks.

Receiving chargeback can be a very frustrating event. Seeking professional advice is a step in the right direction as is taking proper safety measures when collecting payments from your customers. This article has been written to provide information and to assist the business owner.

Also See: Credit Card, Card Fraud, Fraudulent Chargebacks, Fraudulent Chargeback, Fraudulent, Credit, Card

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