An example of card payment fraud is:
”I’ve made a payment over the phone or online to a business. They might have written my card details down, or it might be recorded on the phone line, and they might have had a data breach. From that, my card details have now been stolen. Hackers can use your card to make illegitimate purchases on the phone or online, using your card details. I know that I’ve not made that payment, so I can go to my bank and say that wasn’t me and I can claim that money back, which is called a chargeback.”
An example of chargeback fraud is:
”I’ve made a purchase to a company, but I’ve decided I don’t want to pay for those goods. So, I’ve had my delivery, and I now have my goods or I’ve used the service from that business, but I decide that I want my money back. I can go to my bank and say “I never made that payment”, even though I did, and get my money back that way.”
This is a massive issue for businesses these days, as they’ve lost out on the money that I’ve paid, but also the goods that they’ve already sent out.
If you’d like to learn more about how to secure your business when taking card payments, contact Key IVR today.
Call +44 (0) 1302 513 000 or email sales@keyivr.com
Presented by Abi Richardson – Partner Relationships Manager at Key IVR
There are a few types of payment related fraud that can impact customers and organisations. In this video we discuss the differences between Card Payment Fraud and Chargeback Fraud. Luckily, there are ways you can protect your business and your customers from both.
Call +44 (0) 1302 513 000 or email sales@keyivr.com
Presented by Abi Richardson – Partner Relationships Manager at Key IVR