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Mastercard’s Ethoca Teams With ChargebackZero to Lower Chargebacks


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11 hours ago, hegemony said:


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.




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