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Card-Not-Present Chargeback Rules

Since the introduction of the credit card chip (EMV), fraudsters have turned their attention to card-not-present fraud, which has seen a dramatic increase.

One study by Juniper Research found that retailers are in for $130 billion in losses from 2018-2023. In the US alone, merchant losses from card-not-present fraud is about $5 billion a year, and total losses to credit card fraud at close to $30 billion. Canada is about $800 million.

An important distinction is to separate ‘friendly fraud’ from actual or ‘criminal fraud,’ such as identity theft. This is where real customers, who did an actual purchase, are trying to get a refund by requesting a chargeback with the card issuer.

Visit here for more: https://paysecuri.com/card-not-present-chargeback-rules/

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PaySecuri is a credit card security system that verifies card-not-present transactions. With our easy to use credit card protections system, you can take secure payment by phone and stay safe. Visit here for more details: https://paysecuri.com

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In today’s new pandemic reality, taking orders over the phone can help save your business. It is a way to keep doing business, while staying safe by practising physical distancing.

Credit cards have already become the preferred method of payment. In 2017, the Federal Reserve reported that US consumers used their credit cards 123.5 billion times, and Canadians spend over $300 billion a year on their credit cards.