We are shopping online more than ever right now, and as such we are using our credit and debits cards at a large rate. Sadly, this also means that there are people out there that will be untruthful and claim that they never used their card, in an attempt to have what they DID spend, put back on their cards, or in their banks. It is unfortunate, but it happens all the time, and it is usually the company that takes the biggest hit. That is exactly why e-Payment Fraud Protection is needed; not for our safety, but for the safety of the company.
Most of us know exactly what it feels like to have our financials hacked and then used somewhere hundreds of miles away from where we live. It is painstaking to deal with the banks and credit card issuers to prove that it wasn't us that used our card. Now imagine for a moment that you are a small business owner, and someone makes a purchase. You ship their order, just to turnaround a see that the customer filed a dispute claiming that they never made the order. Not only are you out the items in the order, but you are also now responsible for refunding the payment total.
This is where e-Payment Fraud Protection comes into play, with chargeback prevention, you are able to shift the liability off of the merchant and onto the issuing bank. This is a gamechanger for companies!
You would be surprised what people will order, then try to deny. Could you imagine the hit that a company would take if someone ordered something from OmniView Tech and then tried to do a chargeback? Without the e-Payment Fraud Protection, they would be out several thousand dollars…not cool! It isn't even expensive purchases that people try to weasel themselves out of either, it can be anything from $5 to something ranging in the 6 digits!
It is hard to imagine that someone would be so dishonest, that they might order wine online, then request a chargeback. I mean, I know people love their wine, but seriously? There is absolutely no reason to be dishonest, if you make an order and can't afford it, then cancel the order. If you request a chargeback on an order that YOU placed, then you are a thief in the same sense as the ones that access your financial information and wreak havoc on it.
The companies that are hit with chargebacks aren't always multi-million dollar corporations, sometimes they are small businesses and mom and pop shops, that just want to provide their customers with the goods and services that they need. Chargebacks (theft) can break them and in turn their families. So, think twice before you try to file a chargeback with your credit card issuers, or bank. You certainly don't want to contribute to the $130Billion that friendly fraud could cost merchants by 2023…do you?
When we stand together, we are stronger; companies, customers, and credit card issuers, we have to collectively say no to fraud, and it starts with e-PaymentFraud Protection!