This Business News Story Was Uncovered By Us From: http://www.youngupstarts.com/2019/12/06/what-to-know-about-friendly-fraud/
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While online transactions have done much to help retailers and consumers alike, the technology has also opened up avenues for new kinds of fraud. Some instances of fraud are perpetrated by criminals against merchants. Others, though, occur through preventable mistakes. The prime example of the latter is what is known, somewhat ironically, as “friendly fraud”.
Online merchants, especially those operating small businesses, should take precautions and educate themselves on what friendly fraud online looks like in order to protect themselves.
How Friendly Fraud Occurs.
Friendly fraud owes its existence to the Truth in Lending Act, which equips consumers with protection from illegitimate charges on credit or debit cards through “chargebacks”. A cardholder reports an unwarranted charge to their provider, who issues a chargeback to the merchant to demand a refund. The problem is that the act was created well before e-commerce was even a concept. In a day when purchases can occur quickly, remotely and sometimes with difficulty in verification, mistakes or misunderstandings can lead to well-meaning customers reporting for chargebacks on what are actually legitimate transactions.
Distinctions Between “Friendly” and “True” Fraud.
Though fraud is not something most people would consider friendly, the term is sometimes used to specifically designate cases where an honest mistake is made. A family member may use a card to purchase something then fail to inform the holder, or a cardholder could make a purchase that they then forget about it later. “Chargeback” or “true” fraud is the term used, then, for cases where someone deliberately abuses chargebacks to get refunds on purchases they knowingly made, sometimes wit… Read More
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