The stolen credit card and debit card number and their illegal use is prevented by the Federal law. This law is beneficial to a majority of Americans whose payment data was exposed by the fraud case in the Home Depot, Inc. (NYSE:HD) computer system, which was invaded by the hackers. But for merchants there is no silver lining because they have to suffer losses because of the sales that are made to hackers.
As soon as the fraud is identified, the credit card company seals the cardholder’s cash and if the merchant is unable to prove the authenticity, the cash is debited from their accounts. The chargeback money is the fee that the merchant has to pay for letting the thieves use the stolen cards. The higher the number of chargeback fee, the higher will be the chances of specific vendor of losing the ability to accept certain credit cards.
These costs keep on adding up. LexisNexis published a survey according to which in 2013, an average merchant lost about .68 percent of annual income to fraud. A merchant has to pay around $3.08 on each dollar to replace the losses, penalties and chargeback fees.
The New York Times published a report which says that around 60 million credit cards and debit cards were exposed in Home Depot, Inc. (NYSE:HD fraud case. The Target hacking affected as many as 40 million accounts last year, similar cases happened with Neiman Marcus, a luxury retailer and a Chinese restaurant chain P.F. Chang. Hacking crimes involving retailers are on the rise like never before.
Chief cyber security officer at the Trend Micro, Tom Kellerman says that at least one transaction is made by 70 percent of stolen cards. Thugs mostly use these cards for luxury and expensive items like branded clothing, airline tickets, cars on rent, electronics etc.
“Friendly fraud” is when the customer fights over the charges they themselves have made. According to LexixNexi this type of fraud is more common than we can imagine.
Jason Richelson who is the co-chief executive at ShopKeep – the main point of selling softwares to the small businesses – says that these thugs can cause a major setback to any business. He recalls when he cofounded the Green Grape, a Brooklyn based wine shop. A customer bought expensive wines with stolen credit cards. And a mistake by cashier of not being able to swipe the card and manually entering the number, made the setback charges inevitable. The fax of penalty was received a week later.
Chargebacks911 helps merchants to deal with such frauds. Monica Eaton-Cardone, who is their Chief Operating Officer, says that if a merchant proves the verification of cardholder and that the credit card was there at the store, the chargeback can be fought off. This can be done by getting customer’s driving license, his signatures or making an imprint of card by an old fashioned card reader.
Eaton-Cardon says that online retailers are the main cause of these fraud cases. Even if you go to the court and fight for it, the event is still going to stay on your records afterwards.
Pingback: Why The Home Depot Breach Is Worse Than You Think | Why The Home Depot Breach Is Worse Than You Think | Social Dashboard
Pingback: Wall Street National | Why The Home Depot Breach Is Worse Than You Think
Pingback: Why The Home Depot Breach Is Worse Than You Think | Gene Marks
Pingback: Why Home Depot's Data Breach Is Worse Than You Think - Hangout Networks News
Pingback: Why Home Depot's Data Breach Is Worse Than You Think | Cesar Vela
Pingback: Why Home Depot’s Data Breach Is Worse Than You Think | Omaha Sun Times
Pingback: Why Home Depot’s Data Breach Is Worse Than You Think | InfoCnxn.com
Pingback: 전세계의 최신 영어뉴스 듣기 - 보이스뉴스 잉글리쉬
Pingback: Why Home Depot's Data Breach Is Worse Than You Think - NEWS | Phones | Nigeria Science | Technology |Computers
Pingback: Why Home Depot's Data Breach Is Worse Than You Think - Social News Dashboard
Pingback: Why Home Depot's Data Breach Is Worse Than You Think - AltoSky - AltoSky
Pingback: Why The Home Depot Breach Is Worse Than You Think | Information Security Blog
Pingback: freshamateurs41935
Pingback: sirius latest movs301 abdu23na2517 abdu23na98
Pingback: top essay writing services
Pingback: customessaywriterbyz.com
Pingback: essay about the help
Pingback: parts of a dissertation
Pingback: custom research paper writing services
Pingback: write my sociology paper
Pingback: i need help writing a thesis
Pingback: cialis over the counter
Pingback: womens viagra
Pingback: viagra click here info buy cialis
Pingback: royzgdwu
Pingback: how to order viagra from canada
Pingback: wat kost viagra op recept
Pingback: how long does azithromycin take to work
Pingback: cost of viagra
Pingback: legit essay writing services
Pingback: write research paper
Pingback: write an essay about my first day at school
Pingback: scholarship essay help
Pingback: business ethics in flint michigan essay
Pingback: furosemide 50 mg price
Pingback: how to buy azithromycin online usa
Pingback: ivermectin cost australia
Pingback: ventolin nebules
Pingback: doxycycline with dairy
Pingback: prednisolone diabetes
Pingback: clomid ivf
Pingback: priligy us
Pingback: how diflucan works
Pingback: thesis assistance writing
Pingback: essay custom writing
Pingback: propecia patent
Pingback: neurontin package insert
Pingback: is metformin bad
Pingback: paxil works
Pingback: plaquenil skin rash
Pingback: prescription drugs from canada
Pingback: how to reverse image search tinder
Pingback: generic cialis no prescription
Pingback: dating phone lines with free trials
Pingback: top free dating sites for young people
Pingback: free online dating for seniors
Pingback: totally free millionaire dating sites
Pingback: all free dating sites in europe
Pingback: free sri lanka dating sites
Pingback: free new dating site in canada
Pingback: over 40 dating free
Pingback: free dating websites without paying
Pingback: all free online dating
Pingback: plenty fish free dating
Pingback: free asian dating sites australia
Pingback: free children dating sites
Pingback: the keto diet by leanne vogel
Pingback: keto diet avocado
Pingback: indian keto diet
Pingback: cialis black
Pingback: discount viagra pills
Pingback: cialis dapoxetine
Pingback: azithromycin 500 mg
Pingback: viagra boys
Pingback: 2questionnaire
Pingback: generic tadalafil cvs
Pingback: cialis reviews patients
Pingback: viagra order online
Pingback: meloxicam 15 mg dosage
Pingback: medication cialis
Pingback: zithromax cat
Pingback: keflex pregnant
Pingback: augmentin suspension
Pingback: cephalexin hordeolum
Pingback: bactrim mechanism
Pingback: augmentin cholangitis
Pingback: azithromycin blue
Pingback: austrailian cephalexin
Pingback: warfarin celecoxib interactions
Pingback: bahis siteleri
Pingback: viagra
Pingback: revatio
Pingback: 2unequivocal
Pingback: What food will clean your liver ivermectin lotion?
Pingback: What happens to your brain after a breakup generic levitra cheap?
Pingback: Can antibiotics be used for pneumonia in immunocompromised patients stromectol pill?
Pingback: What is the meaning of leukorrhea ivermectin for sale?
Pingback: Who has the most kids ever levitra vardenafil?
Pingback: What are 4 parts of a good nightly routine levitra for sale?
Pingback: Which sperm is more powerful cheap vardenafil?
Pingback: Stem Cell Therapy - Hope for Incurable Diseases buy dapoxetine online?
Pingback: Autoimmune Diseases in Women - Unmasking Gender Disparities albuterol (ventolin hfa)?
Pingback: Medications and Facial Rejuvenation - Enhancing Skin Vitality oral Cenforce 50mg?
Pingback: What is the potential of robotic surgery in various medical specialties priligy 60 mg side effects?
Pingback: Cenforce 200 vs viagra?
Pingback: Medications - The Key to Managing Chronic Migraines ivermectin tablets?
Pingback: Medications and Emotional Well-being - Cultivating Happiness, Finding Peace fildena double 200 mg tablets?
Pingback: ivermectin?
Pingback: Medications and Arthritis Pain Relief - Restoring Joint Comfort ivermectin for cats?
Pingback: Artificial Pancreas Technology for Diabetes Management 100 viagra pill?
Pingback: Viral Hepatitis - Diagnosis, Treatment, and Prevention Cenforce 100 does it work?
Pingback: What should you eat before bedtime jelly kamagra?
Pingback: What is the ultimate goal of treatment in asthma albuterol inhaler?
Pingback: What are serious side effects of antibiotics Buy stromectol and ivermectin 3mg lowest price, bonus pills?
Pingback: Which BP reading is more accurate first or second furosemide drug
Pingback: How can I love my wife physically cheaper kamagra
Pingback: viagra for men online
Pingback: where can i buy Azithromycin
Pingback: buy fildena sale
Pingback: What is the role of low-intensity shockwave therapy in the treatment of erectile dysfunction??
Pingback: priligy 30 mg hinta - Are there any acupuncture treatments for erectile dysfunction?
Pingback: dapoxetine 60
Pingback: tadalafil 20 mg with dapoxetine 30 mg
Pingback: buy generic levitra
Pingback: testoheal
Pingback: strattera uk
Pingback: proair inhaler buy
Pingback: ventolin tablets uk
Pingback: tadalista ct
Pingback: revatio 20 mg
Pingback: vidalista 20 mg nedir
Pingback: priligy 60 mg online
Pingback: fildena tablet price
Pingback: tadalafil vidalista 40 mg prices
Pingback: how to get clomid
Pingback: prelone vs orapred
Pingback: Sildenafil 50
Pingback: wixela generic
Pingback: vidalista 20 side effects
Pingback: buy Cenforce for sale
Pingback: Sildenafil and alcohol
Pingback: cenforce 150
Pingback: buy sildenafil online
Pingback: vidalista 20
Pingback: vidalista 40
Pingback: cost tadalafil generic
Pingback: seroflo inhaler 500
Pingback: clindagel generic
Pingback: kamagra fast
Pingback: Sildenafil
Pingback: Sildenafil Cost
Pingback: vidalista 40
Pingback: order furosemide generic
Pingback: Sildenafil 100mg paypal
Pingback: super p force for sale
Pingback: generic sildenafil 50mg
Pingback: iverscab z
Pingback: iverheal 12
Pingback: ivermectol 12 mg dosage
Pingback: stromectol for sale
Pingback: vermact 12 uses
Pingback: vidalista professional 20mg
Pingback: cenforce 200mg for sale