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What Is Payment Fraud, and How to Avoid It?
A chargeback is a return of the amount of the paid purchase back to the bank card as a result of a special procedure for disputing the transaction by the issuing bank. It can be done to protect the rights of the customer and transfer money back to them. However, the merchant needs to know how to secure e-commerce fraud, for example, by using Ethoca or a similar product.
What Could be Causing the Chargeback?
The reasons may be as follows:
- Fraudulent transaction – a payment from a card that the cardholder did not make.
- Money was debited from the account, but the customer did not receive the goods or services.
- Non-compliance of goods or failure to provide services in full.
- The seller did not return funds for the goods.
- Double debiting of money was made from the card.
- The card was debited with an amount different from the purchase amount.
- Incorrect date and time of the transaction.
- The client received the product or service but made the payment in another way (for example, in cash).
- Refusal of the seller to accept the goods back.
Ethoca will notify you about chargebacks.
What are common reasons?
This fraudulent transaction means paying on the site using stolen payment data. It is the most popular scheme. This is the case when a payment is made from a card that the cardholder did not make but which was made by a fraudster in an online store or website. When the owner discovers a transaction that they did not make, the seller will receive a request for a chargeback.
Another popular type of fraud among scammers is when the client makes a payment with their card, receives a product or service, and then contacts the bank and says that they did not make this transaction. In this case, the seller can receive a chargeback, and the fraudster will remain with the goods and money.
Therefore, when you open an account, you need to secure e-commerce fraud, and experts at maxpay.com use Ethoca for this purpose.
Secure eCommerce Fraud with Ethoca
To secure e-commerce fraud, Maxpay applies Ethoca alert services. This tool is quite helpful in avoiding chargebacks and fraudulent actions and protecting both reputation and funds. With Ethoca, the dispute can be stopped before it becomes a chargeback.
Using Ethoca, a merchant is able to:
- Get notification at the same time as the cardholder notifies the bank.
- React to it in real-time.
- Avoid costly fees that are caused by disputes.
- Make the experience of customers better by offering a refund in time.
- Ethoca alerts are working very easily:
- A customer contacts the bank about a chargeback.
- If the bank also uses Ethoca, it sends an alert to the company.
- Ethoca instantly sends a notification to the merchant.
- The merchant immediately gets it and can react in the proper way to satisfy the client without losing money.
Prevent chargebacks and secure e-commerce fraud when you open an account in Maxpay. Try and enjoy the Ethoca service.
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