Certain types of credit card fraud have increased in recent years especially during the pandemic. According to PaymentsNext.com a trade magazine for the payments industry global payments fraud losses have tripled between and with card not present (CNP) being the main culprit. Some analysts believe that CNP will reach billion in global losses by .For starters credit card fraud has the potential to affect all of us as customers. In Markus Bergthaler program director at Merchant Risk Council told the Washington Post that "recent numbers indicate that more than percent of credit cards currently in people's wallets have already been compromised.
That is your credit card number may be in a hacker's database waiting to be used or sold. That also leaves businesses vulnerable because every time someone orders a mobile number list product using a fake credit card — say a iPhone or a home theater system — and the cardholder finds out the bank will give them a refund. And they take it from the merchant's account – your account. So you are not only out of the purchase amount you are also out of the actual merchandise. It would be one thing if you could retrieve the merchandise and resell it. But it's gone and your earnings are gone so you've been hit twice.
Let me explain something credit card companies go to great lengths to protect consumers from credit card fraud theft shady merchants and scammers. And do you know what they do to protect businesses from credit card fraud theft shady customers and scammers? Much much less. ways to protect your business from credit card fraud I recently did some marketing for a payment service provider. I was amazed at how much the credit card networks did for their customers even when it was detrimental to the merchant.