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Merchant problems associated with Card Fraud
- Debit and Credit Card fraud is a major problem and inconvenience for merchants today.
- Millions of Euro lost every year in goods and services purchased on stolen debit and credit cards.
- “Chip and PIN” succeeded in reducing high street fraud, but fraud moved to other areas.
- Card Not Present (CNP) fraud is rapidly rising each year.
- Many merchants 100% liable for CNP fraud.
- Merchants particularly exposed to Debit card CNP fraud.
Dispute & ChargeBack
- Successfully disputed transactions are charged back to the merchant.
- Disputes are initiated by cardholder or banks fraud detection system.
- Merchants often aware of transaction chargeback only when they receive their monthly statement. Which is typically too late to recover the goods or services.
- Promptly alerts merchants to chargeback transactions.
- Allows merchants to quickly act on alerts. Delivery/order process can be halted or cancelled. Alternatively the card holder could be contacted.
- Provides a link between the acquiring banks and merchant. Acting as a pipe, Merchant Alert channels alerts to the merchant, as soon as they are detected in the acquiring bank. Typical detection is within 24 to 48 hours.
- High capacity, high performance service.
How Merchant Alert Works
1. Merchant Alert receives chargeback information from the acquiring banks. Disputed transaction information can also come from Moqom’s Fraud Prevention System (FPS).
2. Merchant Alert immediately notifies merchant.
Merchant can quickly act to halt shipping of goods or services.
For Further information on Merchant Alert please register your interest here.
Benefits to Acquiring Bank
- Proactive in combating fraud
- Increased merchant focus
- Proactive merchant engagement on fraud information.
- Enables automation of fraud reporting.
- Expands fraud report offering to all merchants - not just to key merchants.
- Greatly reduces manual effort required for handling chargeback communication.
- Merchant Alert is a hosted solution enabling fast and simple deployment. No special equipment or onsite work required.
- Acquirer chargeback communication as simple as emailing chargeback spreadsheet to Merchant Alert.
- Merchant Alert can integrate into existing acquirer chargeback systems.
- Security and confidentiality requirements of individual banks and merchants not compromised
Benefits to Merchant
- Merchant Alert is an especially powerful tool to counter CNP fraud. Particularly Debit Card CNP exposure.
- Merchants using multiple acquirers (e.g. multinational merchants) can easily standardise chargeback information; acquirers email chargebacks as spreadsheet.
- Merchant Alert gathers chargeback information from multiple acquirers into a single flow towards merchants systems.
- Merchant Alert offers a unique channel between merchants and acquiring banks.
- Early charge back transaction awareness.
- Merchants can react promptly to mitigate loss by; withholding goods prior to shipping or freezing remaining service usage.
- Easy to use web interface for merchants to view their disputed fraudulent transactions.
- Merchant Alert can integrate to existing merchant systems.