How You Could be Vulnerable to Chargeback Fraud
In the course of doing everyday business, there is always a chance that mistakes may occurs between the seller and the buyer. It is only natural that as a merchant, after a long day, you may forget to send a confirmation email or send an erroneous billing descriptor. However mistakes can happenvery so often, but if you keep encountering chargebacks, you may very well be victim of Chargeback Fraud. A lot of cybercrime is being manifested in form of Chargeback Fraud.
How is it happening?
Just like normal fraud, chargeback fraud tends to hit those business owners who are not particularly keen on details. Issues on disputed funds, after having been credited back, refunds due to overpricing can be avoided if necessary in-house , mechanisms are observed. This could involve looking out for suspicious activity on.
Like ecommerce clients who purchase an item from one place and shipping to another region. Clients whose credit card or billing details do not match could be trying to commit fraud.Be on the lookout for large volumes of high priced of high end merchandise. Or clients whose orders lack a signature after you have delivered particularly large transactions.
What can I do to protect my business?
One way you can safeguard your business from chargeback fraud is by getting in touch with your credit card processor to constantly verify crucial information. Getting in touch with a high risk provider like eMerchantBroker.com to help outmerchant chargeback protectionwith the chargeback shield, would be a splendid idea. It will help you to keep track of client chargeback claims.
This is through an instant notification system that will helps merchants be aware of such chargeback claims and become proactive in addressing those issues. This warning systems acts as the first line of defense, making you aware early enough, besides the application process just takes a few minutes, and a response comes through within 24 to 48 hours.
Other preventive measures include always sending your orders and shipping on time. Send a In you suspect that a credit card is lost or stolen always screen your orders and cancel fraudulent transactions.end automated email notifications when a customer successfully finishes a transaction and when the package has shipped. However, these email notifications can also help you prevent chargebacks by keeping your customers in the know. You can also create automated email notifications to let customers know if there is a delay in shipment as well as a follow up email asking if they are happy with their purchase.