THE ‘FRIENDLY FRAUD’

On 19 November, NASDAQ carried an article about a form of fraud that it says that the pandemic has seen increased credit card disputes, and merchants frequently feel they have no real recourse against first-party misuse of chargebacks, more commonly known as “friendly fraud”.  It says that payment card fraud losses, which include both conventional and friendly fraud, rose above $32 billion worldwide this year, up more than a third from 2017 levels.  About 1 in every 2,000 online transactions results in a chargeback.

https://www.nasdaq.com/articles/what-is-friendly-fraud-costing-your-business

Any modest contributions for my time and ongoing expenses are welcomed!  I have a page where you can do so, and where one-off contributions start as low as $3, at https://www.buymea3coffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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