credit card fraud, page-15

Cerhob said:
"I am a credit card merchant.

You have no problem if somebody uses your credit card unlawfully. The onus is on the merchant to ensure that the person offering the card is entitled to do so. If the card is presented by somebody else the merchant gets the write back.

If a merchant takes a credit card over the phone there is very little protection for them - it is outlined in the terms and conditions. Once the fraud is discovered the bank simply reverses the charge on the merchant and walks away - who chases the fraudster? Nobody.

Oh - forgot to mention - if the merchant gets authority to process the card that authorization only says that the card exists and that it has sufficient credit - it does not ensure that the card is being presented by the card holder.

How do I know all this - I've paid the price :( - serious serious money."


Excellent comment Cerhob.

I once had a large Sydney florist's bill on my credit card statement ...which was subsequently reversed, once i informed the Bank.

Another time 7 or so years ago a fraudster took 2 lots of $4,000 out of my bank accounts. Those were the days when i foolishly didn't have a firewall on my 'puter.

Now i have two of the best firewalls and 2 of the best virus detectors as well.

Fortunately the Bank credited my account with the stolen $8k.

LESSONS:
Always check your Credit Card statements;
Always check your Bank statements, daily;
Always check your Mortgage statements.