Carders are a group of criminals who buy and sell credit card information on forums. You can google "carders forum" to see what I mean. you will see that thousands of cards are bought and sold every day.
Carders and fraudsters use stolen credit card information primarily to buy goods and services online from unsuspecting merchants. In 2007 the total they stole from websites was $3.6 BILLION. In 2008 the total will be more than 4 billion.
There are 4 main parties to an online credit card transaction. There are the bank, the card company, the cardholder and the merchant. Did you know out of all those parties the ONLY one that has any risk when a transaction goes bad is the merchant. Not only will the merchant lose the profit, the costs associated with the goods or services but he will be fined another $20 by the card company.
The biggest problem online merchants have is they simply do not have a signature from the cardholder and they are unlikely to get it. Without a signature from the cardholder, the merchant is the only party at risk. This is because there is no proof the cardholder authorized the transaction.
One other problem for online merchants is real cardholders who buy goods and services and then later claim they never authorized the transaction. This is a rapidly increasing problem and one I have found some solutions which merchants can use.
After observing fraudster for 13 years and personally being part of hundreds of thousands of online transactions I have learnt the fruadsters telltale signs. I've written a new
book and made a video which reveals exactly how to detect a fraud before it becomes a problem
Carders and fraudsters use stolen credit card information primarily to buy goods and services online from unsuspecting merchants. In 2007 the total they stole from websites was $3.6 BILLION. In 2008 the total will be more than 4 billion.
There are 4 main parties to an online credit card transaction. There are the bank, the card company, the cardholder and the merchant. Did you know out of all those parties the ONLY one that has any risk when a transaction goes bad is the merchant. Not only will the merchant lose the profit, the costs associated with the goods or services but he will be fined another $20 by the card company.
The biggest problem online merchants have is they simply do not have a signature from the cardholder and they are unlikely to get it. Without a signature from the cardholder, the merchant is the only party at risk. This is because there is no proof the cardholder authorized the transaction.
One other problem for online merchants is real cardholders who buy goods and services and then later claim they never authorized the transaction. This is a rapidly increasing problem and one I have found some solutions which merchants can use.
After observing fraudster for 13 years and personally being part of hundreds of thousands of online transactions I have learnt the fruadsters telltale signs. I've written a new
book and made a video which reveals exactly how to detect a fraud before it becomes a problem
About the Author:
If you want to stop fraud and chargebacks check out Don Reid's new Book called Merchants Beware at his website www.MerchantsBeware.com
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