What is fraud and how is it dangerous?

Fraud is one of the biggest problems in e-commerce. Modern payment systems, search engines and online stores are constantly fighting against it. Fraud translates into russian as fraud.

Fraud interferes with the normal operation of any company that accepts electronic payments from customers on its sites. To protect themselves from it, these organizations have to constantly develop and use new, more and more advanced protection mechanisms and test their effectiveness in use.  To protect themselves from it, these organizations have to constantly develop and use new, more and more advanced protection mechanisms and test their effectiveness in use.

How does this scheme work?

1. An internet user paid for a purchase via an insufficiently reliable website.
2. His payment data was intercepted from this resource by attackers.
3. The fraudsters paid with his money for a purchase at an online store that does not use anti-fraud protection. Usually, such protection is absent in new stores.
4. The real owner of the money discovers a shortage on his bank card. He applies to the bank that issued it with a request to return the money.
5. The bank checks the payment, detects unauthorized activity and cancels the payment, as a result of which the money from the merchant's account is returned to the customer's account. In addition, the bank charges a fee for this transaction, which is called a chargeback.

Banks in most situations honor customer requests for refunds in such situations.

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What result can be achieved?

• The customer receives the money stolen by the attackers back;
• The bank fulfills its obligations to the client, ensuring the safety of funds in their accounts;
• The payment system that conducted the transfer of funds blacklists the seller, making a note that he accepted the fraudulent payment and could also participate in this scheme. In case of repetition of such situations, the service stops cooperating with him;
• The supplier of the goods received money from the seller, he is not obliged to return them, because it is up to the store to protect itself from fraudulent schemes;
• The fraudster gets the product for free;
• The injured party in such situations is the company-seller, which not only suffered financial losses, not receiving payment for the goods sent to the buyer and in addition paying a fine, but also questioned its own reputation, losing credibility in the eyes of the payment system and other participants in this transaction.