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Tag : chargeback insurance

  • Fraud risk is the likelihood of an organization or business being subject to fraudulent activity. Banks and retailers use several methods to prevent fraudulent activities. To mitigate any fraud risks and be AML compliant, you need a fraud prevention team to stop cybercriminals from accessing your system and data. This fraud prevention team is responsible for vetting all processes to ensure no internal leaks or external threats can hurt your organization. 

    That said – there are modern and unique fraud risk management solutions that every financial institution and retailer should have in place.

  • Chargebacks occur when a buyer requests a reversal of a credit card payment that is issued from the bank. This was created as a way to protect consumers from merchant scams but has since evolved into a way for individuals to commit what is commonly known as “friendly fraud.”

    Friendly fraud occurs when a consumer abuses the chargeback process put in place to protect them. This is often caused by an individual claiming legitimate purchases are fraudulent and stealing the product they were given. Once a chargeback has been issued, your chargeback merchant rights become relatively limited. That said, it is important to ensure you are protected by employing chargeback insurance. 

    There are several components to consider when it comes to choosing the right chargeback insurance for you. Here’s what you need to know: