Merchants Beware – Fraudsters Ripped You Off For $3.6 Billion
Did you know there is a whole sub class of criminal known as "carders"? These low lifes hang out in forums and buy and sell credit card numbers by the thousand. You can easily find them by googling "carders forum".
The fraudsters use these stolen cards to buy products from online merchants becuase its easy to do so with little or no chance of being caught. In 2007 these low lifes ripped
merchants off for $3.7 Billion. How much of that was yours?
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.
One big problem online merchants have is they cannot get the cardholders signature on the order. Without a signature by 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.
Merchants can fight back and prevent fraud if they know what to look for. Most don't and no one tells them what to look for..that is until now. In my brand new book called "Merchants Beware" I reveal the telltale signs of a fraudster at work. I give merchants an easy step by step approach to detecting fraudsters and stopping them BEFORE they become a problem
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