Credit Card Chargeback's A Thing Of The Past?
Mark Herpel
October 16, 2006
The 41st Parameter, a company that creates some of the industry's most advanced Internet fraud prevention solutions, is now saying that the credit card fraudsters have created such an advanced scheme that they are coordinating attacks against online merchants by using personal, digital and financial data which all appears legitimate to the typical online detection systems.
The sneaky cardsters, as predicted, have greatly improved their techniques. These criminals now match key parameters like local IPs, the card address, billing and shipping address changes plus other technical items which at the time of the sale seem to actually be the legitimate home customer ordering merchandise. The (fraudulent) online sales appear genuine and unfortunately wiz through most of the current fraud detection systems.
The 41st Parameter is one of the top group of specialist in fraud prevention and they have some outstanding proprietary products such the FraudNet™ solution and patent-pending TimeDiff Linking™ technology. In just the first year of implementing their technologies they have successfully reduced a major e-commerce customer's chargeback's by more than 60%.
These - not so new factors - created by the active 'fraudsters' and now identified, have also caused a whole new series of consumer and merchant problems such as the growing costs for online merchants with escalating chargeback rates. Finally its a shame but this type of fraud eventually erodes consumer confidence in online shopping.
Of course there are online digital commerce methods that are not effected by credit card fraud or chargeback's.
Hmmmmm, I wonder where I could find some information on those solutions?
No chargeback's possible with any of these, all transactions are final.
The sneaky cardsters, as predicted, have greatly improved their techniques. These criminals now match key parameters like local IPs, the card address, billing and shipping address changes plus other technical items which at the time of the sale seem to actually be the legitimate home customer ordering merchandise. The (fraudulent) online sales appear genuine and unfortunately wiz through most of the current fraud detection systems.
The 41st Parameter is one of the top group of specialist in fraud prevention and they have some outstanding proprietary products such the FraudNet™ solution and patent-pending TimeDiff Linking™ technology. In just the first year of implementing their technologies they have successfully reduced a major e-commerce customer's chargeback's by more than 60%.
These - not so new factors - created by the active 'fraudsters' and now identified, have also caused a whole new series of consumer and merchant problems such as the growing costs for online merchants with escalating chargeback rates. Finally its a shame but this type of fraud eventually erodes consumer confidence in online shopping.
Of course there are online digital commerce methods that are not effected by credit card fraud or chargeback's.
Hmmmmm, I wonder where I could find some information on those solutions?
No chargeback's possible with any of these, all transactions are final.
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