Mastercard’s Ethoca Teams With ChargebackZero to Lower Chargebacks

[hegemony]

Mastercard’s Ethoca Teams With ChargebackZero to Lower Chargebacks

 

 

 

Quote

Reduce losses by stopping the fulfilment of orders and cancelling accounts

Leverage link analysis to eliminate related fraudulent orders, and bolster fraud screening to identify future fraud.

 

[PotO]

11 hours ago, hegemony said:

Mastercard’s Ethoca Teams With ChargebackZero to Lower Chargebacks

 

 

 

 

 

Interesting article, bro.  While the objective of reducing chargebacks related to fraud especially is good, there are a few salient facts that seem to be overlooked.

 

First and foremost, ChargebackZero is an Indian company.  There is unlikely to be even one Indian company on this planet that isn't a gigantic piece of 💩.  Take the X1 credit card, for example.

 

MasterCard's response to this joke can only be -- DILLIGAF?  In India, unlike in the US, the merchant suffers the loss for fraudulent use of a credit card.  MasterCard has no skin in the game.  

 

In the US, it would seem that many merchants also don't give a rat's arse about getting a chargeback shoved up their arse over a fraudulent transaction.  About 1/2 a year ago I got my customary alert advising me that my Chase card was used in a card-present transaction at Walmart in Utah for $3,967.  Given that I have no authorized users, the card has never been out of my possession or, for that matter, even out of my safe for a few years and that I am approximately 7,000 miles from Utah, I called Chase to warn them of a fraudulent transaction.  Chase immediately cancelled my card and sent me a new one via FedEx.  They told me that there was noting they could do until the charge posted and to call them back in a couple of days when it did post.  

 

It was then that I realized they don't GAF about the merchant because Chase isn't going to lose any money no matter how you look at it.  In fact, they earn money.

 

I called Walmart to alert them.  The only thing they would tell me -- and even then reluctantly so -- was that *I* ordered a few wide-screen TVs online and came into the store to pick them up.  They authenticated my card in-store.  A few other things were out of stock, so they were going to be shipped to *me* for delivery in two days.  I warned them that *I* never made that purchase and that they were going to be very soon FITA.  She didn't care.

 

A couple of days later I called Chase and they helped me cram the charge down Walmart's throat.  And, as a firm believer of CYA, I also filed a police report. 

 

A similar situation occurred about a month later with someone using my Bank of America card on Amazon for over $700.  BoA, like Chase, said to wait until the charge posted.  I noticed Amazon and they said there was nothing they could do except wait to hear from BoA.  

 

Moral of the story: Morons deserve to get FITA.