Fraud can manifest in various forms, including transaction fraud, business fraud, account takeover (ATO) fraud, marketplace fraud, stolen card fraud, overpayment fraud, friendly fraud, and alternative refunds fraud.
See below for further information on these types of fraud:
Transaction fraud - unauthorised use of a payment card to obtain money or property.
Business fraud - when a fraudulent account is created to commit fraud.
Account takeover (ATO) fraud - when a legitimate account is compromised by an unauthorised party.
Marketplace fraud - when a fraudulent business takes payment without providing goods or services.
Stolen card fraud - when stolen card details are used for unauthorised purchases.
Overpayment fraud - when extra funds are sent for a non-existent service due to a scam.
Friendly fraud - when a legitimate cardholder disputes a purchase, whether accidentally or deliberately.
Alternative refunds fraud - when refunds are requested using alternative methods after claiming to have closed the original card.
Note:
Employee Fraud is not classed as a fraud case, and as such, you as the customer are liable for any misuse by the cardholder. You'll be unable to raise a fraud or dispute.
Fraud disputes can only able to be raised up to 110 days after the transaction has been cleared.
The fraud dispute process is identical for transactions made in the UK and the EU.
If a currency-converted (foreign exchange) payment is disputed or refunded, the cardholder is always refunded the exact amount they paid and in the currency they paid in, regardless of any rate fluctuations.
How you and ExpenseIn can reduce the risk of fraud
To reduce the risk of fraud here at ExpenseIn, we'll complete the following checks alongside our partner, Stripe:
Identity and verification checks are performed when cardholders are created.
Card controls can manage cardholders' cards (e.g. marking the card as lost, or restricting spend at certain venues, etc).
The use of 3D secure authentication, enhancing the level of security for your cardholders for online transactions.
Receive real-time alerts of transactions/declined transactions.
Receive suspicious activity text alerts.
Enforce contactless payment limits in line with the Payment Services Directive 2 (PSD2).
Implement multi-factor authentication for Cardholders when using ExpenseIn.
If a fraud dispute is required to be raised, see our Raise a dispute Help Article.