Part 3: Chargeback Fraud
Part 2: Why Your Organization Should Be Concerned
In Part 1 (What is a Chargeback?) of this blog series, you had learned what chargebacks were and some general facts about them. If you are thinking “That was good information, but why should I be so concerned about a couple of forced refunds?”, then read carefully. Chargebacks cost a lot more than just lost revenue. Additional fees, damaged reputation, and the possibility of your merchant contract being suspended/terminated are some of the additional risks outlined below.
Part 1: What is a Chargeback?
This is the first part of a multi-part blog series focusing on chargebacks. As the other parts are published, links to them will be placed below.
What is a Chargeback?
A chargeback is the result of a customer disputing a charge on their credit/debit card. They can be initiated for a variety of reasons, but all lead to the same result; money paid to your organization is removed from your bank account and returned to the customer without your consent. The chargeback process is designed to increase customer confidence, but, unfortunately for business owners, has become a tool for part-time fraudsters to get free stuff. The fraudulent use of chargebacks is often called “chargeback fraud,” “friendly fraud,” or “online shoplifting.”
CBOSS DEVELOPS NEW PRODUCT ENHANCEMENTS
Online payment solution provides flexibility and security to effectively manage revenue sources.
POLAND, OH – CBOSS, Inc., a recognized global technology and software developer leader, announced today several new product enhancements for its Central Payment Portal (CPP) application, a secure online solution to collect and manage funds.
CBOSS Receives SOC 1 Type II Attestation and Meets Payment Card Industry Data Security Standards
Independent Audit Verifies CBOSS’s Internal Controls and Processes and PCI Compliance
Poland, OH – August 2017 – CBOSS, an e-payment service provider, today announced that it has completed its SSAE 18 (SOC 1) Type II and PCI audits. This attestation verifies that CBOSS has the proper internal controls and processes in place to deliver high quality services to its clients.
Last week, credit reporting agency Equifax announced what is certain to be one of the worst security breaches in the history of cyber-security. During the period between mid-May and the end of July, an unidentified intruder siphoned off the personal information of 143 million Americans, as well as a smattering of individuals from the U.K. and Canada. The attacker(s) exploited a vulnerability in the company's website to gain access to names, addresses, and social security numbers, as well as some customer credit card numbers.
Electronic payments are a vital part of doing business in almost every industry. They are central to how companies interact with each other, their customers, and their vendors. But the speed and convenience of ePayments brings with it risks: identity theft, credit card fraud, or bank account fraud. To combat these risks, we would like to share with you some helpful tips to keep your financial information safe:
Facebook, Amazon, and Netflix are among the largest websites that participated in the July 12th protest against the FCC's decision to submit a final proposal to reverse rules made in 2015, which would allow them to take more control of the web. Most action had been taken behind the scenes during this protest; however, the front page of Reddit.com, where this pop-up message had displayed painfully slow over top of the main content, had been the most visible.
CBOSS is pleased to announce that one of our own, Mike Lendvay, has achieved the Certified Information Systems Security Professional (CISSP) certification.
“Phishing” is defined by the United States Computer Emergency Readiness Team (US-CERT) as “… an attempt by an individual or group to solicit personal information from unsuspecting users by employing social engineering techniques.” Much like “fishing”, “phishing” also involves setting the trap and waiting for their potential victim to take the bait.
Phishing comes in many forms. The most common type of phishing attempts are in the form of an email. However, victims could also be the target of spoofed social media accounts, malicious websites, or unsolicited phone calls.