E-Commerce Times Talkback
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Think combating fraud is not of paramount concern to online merchants? The topic was front and center at the Merchant Risk Council's annual conference held in early March. Online merchants gathered there were eager to get a deeper level of understanding of how better to combat fraud -- fraudulent chargebacks chief among their worries. For purposes of this article, we define fraud in the context of a fraudulent chargeback, which occurs when a credit card transaction is refuted by the cardholder.
Everyone talks about chargebacks but no-one does anything about it, it's killing the internet market place and for me the credit card company's are allowing it to take place! "Non possession of card" what a rubbish statement what does it mean?? It's a cop out by the credit card companies who won't say to their customer "How come?" Have you reported your card stolen?" Simple answer if it hasn't been reported stolen they are liable. Here in Europe particularly France if you lose something you report it to the Police then you have proof to go to your credit card company and refute any purchase, until then forget it! For me the Companies issueing the cards have a responsibility to both their customer and the person selling an article. I know for a fact on one of my chargebacks the bank when questioned admitted their client had done this frequently and actually it went in my favour for a change! It's time for the banking system to start really doing something about fraud instead of pretending they are hard done by aren't we sick of hearing about the millions of dollars they make each year at all our expense!!