What is Chargeback Scam
Chargeback Scam is simply a scam aimed at getting unsuspecting victims to part with money by paying money for products or services that they did not order or authorized. While the catch is that these payment are generally not for goods or services, rather it is for services or goods that the victims did not request or authorize.
2: Victims are lured by a simple trick
Typically the preyed-on victims are lured by a simple trick. Fraudsters often request payments for services which they did not request or authorize. The con-men then somehow convince the victims to make payment for services they never wanted. In fact, victims often fail to figure out the type of service they had requested or authorized.
What are the typical strategies of scammers
Fraudulent eCommerce chargeback scams are disguised as urgent and fraudulent eCommerce cases. The primary goal of these scam is to generate an immediate payment from the victim, in which the scammers encourage victims to provide their credit card number in the pretext that an eCommerce website is having a system glitch that is preventing them from completing a transaction. These systems have good merchants terms but are often abused by some unscrupulous traders.
How to identify chargeback scam
Suspicious purchases from a store: Online retailers have always been the most targeted by phishing scams. While companies ensure that their servers are secure and encrypted, however, the problem of the integrity of an order often goes wrong. It’s well known that any online purchase requires the processing of customer orders before it is delivered. If the credit card details on the order get hacked or entered incorrectly, a cyber criminal could not only take the goods out of the store, but even charge the purchased items to someone else’s account.
Webcam scams: Many people are lured by fake videos that pretend to be their bank branch, asking them to verify their log-in credentials or to obtain personal details. These types of calls are a common tactic for many hackers.
How to avoid chargeback scam
Check your credit report regularly to make sure you haven’t been falsely advertised credit for a product or service you never ordered.
Most experts agree that there are at least three types of chargebacks, although there is considerable debate over which is the most common and what other causes can result in them:
Private credit report : An extremely rare form of chargeback in which the merchant has initiated a dispute on behalf of a consumer without the consumer’s knowledge or consent. This is typically used as a prelude to a chargeback.
: An extremely rare form of chargeback in which the merchant has initiated a dispute on behalf of a consumer without the consumer’s knowledge or consent. This is typically used as a prelude to a chargeback.
Conclusion
Now you know what are cyber attacks and how they can be prevented. If you learn about the cyber threats and its potential impacts, you will be able to minimize the impact of any adverse outcome on your own business and your customers.
The implications of a cyber attack are always profound. The threat is not that you will lose all your money. But you will lose reputation, credibility, trust and access to the customers’ database.