Payment Fraud
About Payment Fraud
What is Payment Fraud and how does it have a detrimental effect on my business? Most businesses first experience with Payment Fraud is when they receive a letter from their bank stating that a card holder is challenging a payment made to your company. The initial thought is that an error has been made by the customer because maybe they
didn’t recognise the transaction they have made and therefore have queried it with their bank, but upon further investigation it becomes clear that the booking that you have processed doesn’t quite add up.
After involving many members of staff to get to the bottom of the chargeback it becomes clear that your company has been the victim of fraud and the £1000 booking where you thought you had made a £150 profit turns in to a £1000 loss. As a one off most companies although frustrated can afford to write off the £1000, the problem comes when the £1000 loss is repeated.