Nearly all fraudulent credit-card crimes have elements in common. Knowing a few of these common signs of credit card fraud can give your company the upper hand when you are considering how to prevent b2b fraud.
Before we dive deeper into a few commonalities of credit card fraud, it is important to define what we mean when we say “credit card fraud.” Credit card fraud is the unauthorized use of another individual’s credit card or account information to make a purchase.
Before credit card fraud occurs, an individual typically steals a credit card or comes across a credit card someone else has lost, breaches some sort of b2b payment system or database to obtain your credit card account information, or has created a counterfeit card attached to authentic–yet unauthorized–account information.
These actions give the individual the ability to access and spend your funds. However, since you have not given the individual the actual permission to do this, all purchases and payments made are considered fraudulent or unauthorized.
Fraudulent, unauthorized credit card use affects both businesses and consumers–but the damages done to businesses often run deeper than the damages done to consumers. From a consumer standpoint, charges that they have not created themselves will appear in their credit account history, showing that they made a purchase when they really have not. But to solve this issue, all the consumer would need to do is call their credit company to report this fraudulent activity and cancel their card. According to the Federal Trade Commission, an individual whose card has been fraudulently used is only responsible for up to $50 worth of charges–they will not be liable to cover any expenses beyond that; and if the consumer cancels their card before fraud occurs, they wouldn’t be responsible for even the initial $50.
From a business standpoint–if your business is a victim of credit card fraud usage–the consequences are typically more severe than they are for consumers. Not only will you most likely be out of the items you sold to the fraudulent credit card user, you will also be responsible for all of the money that needs to be returned to the credit card company who initially covered the fraudulent purchases. In other words, you will be responsible for completing the chargeback.
For B2B businesses where the average transaction is typically much higher than B2C transactions, the impact of those chargebacks are even higher. B2b payment systems frequently have a minimum transaction amount of a few thousand dollars. So not only will that B2B business be out of at least a few thousand dollars worth of merchandise, but they will also be responsible for making sure those funds get returned to the credit company underwriting the purchase.
Due to the nature of credit card fraud–fraudulently buying items on a credit line you have not been permitted to use–instances of credit card fraud typically have striking resemblances from case to case. This may be because their goal is to accumulate as many items as they can while they don’t actually have to pay for them, leading to some common behavior from fraudulent credit card users. Here are five (5) common characteristics of fraudulent credit card user behavior.
In a fraudulent credit card user’s perfect world, they’d get away with purchasing a large number of expensive, yet resellable, items; think jewelry, video game consoles, computer and camera equipment, etc. That being said, if an individual is purchasing a large number of items rarely bought together, there is a strong chance they may be committing credit card fraud. For example, if an individual is buying 3 gold necklaces and 2 PlayStations at the same time–this may be an instance of credit card fraud.
At the end of the day, the fraudulent credit card user wants to convert the items they purchased into the highest dollar value possible. That is why they typically try to buy as many high-value items as possible with the credit cards they’ve stolen. And although big-ticket purchases are not uncommon, making several big-ticket purchases at the same time may be unusual depending on the merchant. A consumer, for instance, doesn’t usually go to Best Buy and purchase the latest 80 inch TV, laptop, and stereo system available all in the same shopping trip.
With that in mind, stay alert when an individual paying with a credit card is spending far more than your store’s average transaction value. Using this gauge may be a challenge when watching out for B2B payment fraud. Because B2B transactions are on average 3x greater than your average B2C transaction, frequently in the thousands of dollars, large transactions could seem more normal. This can make B2B businesses more susceptible to credit card fraud, as you may not find out about the unauthorized transaction until your business is hit with a chargeback.
Someone committing credit card fraud might request that their card number is keyed into your computer system manually, instead of swiped at your point-of-sale terminal or fed into your card reader. Although it is possible that their card really does malfunction, it could also be a sign that they are using a counterfeit credit card, whose swipe and chip functions are faulty and do not work with legitimate systems and software.
Fraudulent credit card use is not limited to in-store purchases at brick-and-mortar locations–it also occurs frequently during online Ecommerce shopping. If an individual orders multiple items from the same online store in a short amount of time, and all of the purchases have the same shipping address but different billing addresses, there is a good chance that this person is committing credit card fraud.
Finally, our last fraudulent credit card spotting tip is to be on alert when a customer is trying to use a credit card that does not have a magnetic strip or chip. As of June 2017, Visa had distributed over 449 million cards with EMV chips for added payment security, and most likely, that number has grown since then. So if a customer’s credit card doesn’t have either a magnetic strip or chip in this day and age, then there’s a good chance it is because they’re using a fake credit card.
It is important to remember that just because these are common behaviors indicative of credit card and b2b payment fraud, it does not mean that there is a 100% chance of credit card fraud if one or even a few of these elements are present in a credit card purchase. It could very well just be an anomaly taking place. There have probably been instances when your own credit card didn’t work properly the first time it was swiped, or where you made a purchase that was above a store’s average purchase amount. While these types of transactions may be rare, they’re not impossible.
Being aware of these signs is a good starting point in detecting credit card fraud, as well as a strong starting point in your research on how to prevent b2b payment fraud. When you are aware of the commonalities of fraudulent credit card use, you can construct a preventative strategy that effectively reduces the number of chargebacks your business experiences in the long run. Just think of the massive losses–and chargebacks cases–you can prevent if you’re able to identify payment fraud before it happens!
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Should a Dispute arise and should the arbitration provisions herein become inapplicable or unenforceable, or in any instance of any lawsuit between you and Express Tech-Financing, the parties agree that jurisdiction over and venue of any suit shall be exclusively in the state and federal courts sitting in Los Angeles, California. If either party employs attorneys to enforce any right in connection with any Dispute or lawsuit, the prevailing party shall be entitled to recover reasonable attorneys’ fees.
This Agreement (which hereby incorporates by reference any other provisions applicable to use of the Websites, including, but not limited to, any supplemental terms governing the use of certain speciﬁc material contained in the Websites and any operating rules for the Websites established by Express Tech-Financing) constitutes the entire agreement between you and Express Tech-Financing and it supersedes all prior or contemporaneous communications, promises and proposals, whether oral, written or electronic, between you and Express Tech-Financing with respect to the Websites and information, software, products and services associated with it. This Agreement shall be subject to and construed in accordance with the laws of the California, excluding its conﬂict of laws principles. If any part of this Agreement is determined to be invalid or unenforceable pursuant to applicable law including, but not limited to, the warranty disclaimers and liability limitations set forth above, then the invalid or unenforceable provision will be deemed superseded by a valid enforceable provision that most closely matches the intent of the original provision, and the remainder of the Agreement shall continue in effect. A printed version of this Agreement and of any notice given in electronic form shall be admissible in judicial or administrative proceedings based upon or relating to this Agreement to the same extent and subject to the same conditions as other business documents and records originally generated and maintained in printed form. All rights not expressly granted herein are reserved.
PLEASE PRINT AND RETAIN A COPY OF THIS AGREEMENT FOR YOUR RECORDS.
Last Updated: April 9, 2019
This website is a general audience site and we do not knowingly collect personal information from children under the age of 13. For more information about the Children’s Online Privacy Protection Act (COPPA), view the FTC website at www.ftc.gov.
Information We Collect. We collect personally identifiable information that can identify you such as your name, address, telephone number, mobile number, e-mail address and Social Security Number (“Personally Identifiable Information” or “PII”). We also collect information such as demographic data and data about your online activity on our website that does not identify you (“Non-Personally Identifiable Information” or “Non-PII”). PII and Non-PII are known together as “Information”. We may also collect and store Information that you provide to us about other people (such as borrowers, co-borrowers and cardholders), including their name, address, telephone number, mobile devices, email address and Social Security Number and cardholder information.
A. From You. We collect Information you provide to us: (i) in connection with inquiring about or obtaining our services; and (ii) in connection with a job application. The Information we collect from you will vary depending on the product or service requested.
B. Other Sources. We may obtain Information about you from third parties such as: credit reports, information about your home and demographic information. We do not pull a hard inquiry relating to your credit bureau report rather a soft inquiry is performed in order to assist in complying with federal, state and local laws relating to Anti-Money Laundering and Identity theft. None of the information obtained is shared with any matched service provider relating to your inquiry, rather the information may only be accessed by and disclosed to CurrencyPay, LLC employees with a legitimate business need to know in accordance with applicable laws and regulations. Information such as Social Security Number (SSN), date of birth (DOB), address and phone number may be verified by third parties to assist in the prevention of identity theft, consumer identification and verification. CurrencyPay, LLC takes your privacy and compliance with applicable law seriously and performs these checks using best practices according to industry standards and does not alter or change the information you provide in your inquiry form. Your information is encrypted and protected both in-transit to our servers and at rest on our servers by the latest security standards & protocols. In addition, our networks and servers are constantly monitored for ‘advanced, persistent’ and other threats to your information.
Other Technologies. We may use web beacons and other standard Internet technologies to track your use on our websites. Web beacons (also known as clear gifs, pixel tags, targeting and re-targeting pixels, third party pixels or web bugs) are tiny graphics with a unique identifier, similar in function to cookies, and are used to track the online movements of web users or to access cookies. We also may include web beacons in e-mail messages or newsletters to determine whether messages have been opened and acted upon.
A. In General. We may use Information to:
B. Financial Information. Depending on the service requested, we may use financial information to: provide payment processing services, match you with lenders, provide you with lenders’ conditional loan offers, auto dealers, auto lenders, personal loan providers, etc. as well as to verify your identity, protect against or identify possible fraudulent transactions, or otherwise as needed to manage our business. CurrencyPay, LLC is responsible for the security of any cardholder data when stored, transmitted or processed on behalf of merchants and cardholders. CurrencyPay, LLC is not responsible for any merchant’s handling of cardholder data it may retain.
C. Job Applicants. If your PII is submitted when applying for a position with us, the information will be used solely in connection with considering and acting upon your application. We may retain your PII for a period of time, but only for the purpose of considering your application for current or future available positions or as required by law.
B. Processing Service Providers. In submitting an inquiry for a payment processing and other services offered through this website, when you click on any button indicating an acceptance or agreement to terms, a continuance of processing or submission, you signify your agreement to proceed you are consenting, acknowledging and agreeing to the disclosure of your PII, as described herein, with entities involved in payment processing in our network (“Partners”). Please note that no hard inquiry of credit will be performed by CurrencyPay LLC or its Partner unless you authorize us to do so by submitting a completed merchant processing application. So please note the language at the end of each form submission to understand if you are consenting to a hard or soft inquiry. NOTE THAT even if you do not provide your Social Security number, we may access your credit file to assist in the prevention of identity theft and to verify your request is accurate and complete. Lastly, not all network Partners will obtain your SSN and each Partner has its own requirements, disclosures and consent requirements.
BE AWARE that the Partners with whom we work to provide services may retain or use your Information whether or not you use their services and you should contact these Partners directly concerning their privacy and information sharing practices which may differ from CurrencyPay, LLC.
C. Referrals for your Business. When you express interest in other products, services, promotions that we offer (by, for example, completing an inquiry for such services), we will share your request or expression of interest with the businesses with which we partner to offer you those products, services and promotions, and, as applicable, with their affiliates and third party finder or marketing companies (collectively, “Business Providers”). When you choose to participate in a particular offer or program, you authorize us to provide PII to those Business Providers. Be aware the Business Providers with whom we share your Information may retain or use your Information whether or not you use their services and you should contact these parties directly concerning their privacy and information sharing practices which may differ from ours.
D. Services Providers. We may share your personal information with our authorized service providers that perform certain services on our behalf including, but not limited to service providers that perform services on our behalf in connection with your request for payment processing services. These third parties include, without limitation credit bureaus, title companies, flood or other insurance companies, appraisal companies, closing agents, marketing and customer services firms, credit card, banks or entities that provide business analysis or website support. These third parties may have access to PII needed to perform their functions.
For Vermont Residents: We will not share information we collect about you with nonaffiliated third parties, except as permitted by Vermont law, such as to process your transactions or to maintain your account. In addition, we will not share information about your creditworthiness with our affiliates.
For California Residents: We will not share information we collect about you with nonaffiliated third parties, except as permitted by California law, such as to process your transactions or to maintain your account.
12100 Wilshire Blvd., 18th Floor
Los Angeles, CA 90025