Chargeback fraud occurs when a consumer makes a legitimate purchase with a credit card, then requests a chargeback from their bank. If it’s approved, the consumer not only keeps the purchase, but has also received a full refund.
The second Payment Services Directive (PSD2) is an EU Directive considered to be a game-changer for banking and online retail. It’s goal will be to increase transparency and consumer trust.
Tokenization allows customers to securely save their debit or credit card details with an organisation, making future payments a lot quicker and more convenient.