Wager Mage
Wager Mage
Photo: Anna Shevchuk
Bank investigators will usually start with the transaction data and look for likely indicators of fraud. Time stamps, location data, IP addresses, and other elements can be used to prove whether or not the cardholder was involved in the transaction.
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Read More »What Happens When a Bank Gets a Fraud Claim? The first thing the bank will do is try to substantiate that fraud has actually occurred. They will ask the cardholder to provide additional details about the transaction and how they know it's fraudulent. For cardholders who have been victimized by fraudsters, this can feel like a big ask. Oftentimes when a cardholder first notices fraud on their account, they discover that it's been going on for quite some time. Small, easily overlooked card testing purchases often accumulate before the fraudster goes for a big payout. Researching and documenting all of these transactions to satisfy the bank can be a lot of work, but it’s worth it—the Fair Credit Billing Act caps cardholder liability for credit card fraud at $50. As long as the fraud claim is substantiated, the cardholder won't be held responsible for more than that amount. Many banks even have policies dictating that the customer won't be held liable for any amount at all when fraud occurs. Debit card fraud is governed by the Electronic Fund Transfer Act, which requires cardholders to notify banks about fraudulent charges within 60 days of the transaction—any later and the bank is not obligated to respond. In addition, cardholder liability for fraud is only limited to $50 if the bank is notified within two days of the transaction. However, most banks give their customers 120 days to dispute a fraudulent charge and have more generous liability policies than required. Once notified, the bank has 10 business days to investigate the claim and reach a decision. If they find that fraud did indeed occur, they are obligated to refund the cardholder. If the bank needs more time to investigate, they can take up to 45 days, but they must at least temporarily return the funds to the cardholder’s account by the 10-day deadline. Many banks streamline this process by granting a provisional credit as soon as a dispute is filed. How Do Banks Investigate Fraud? Bank investigators will usually start with the transaction data and look for likely indicators of fraud. Time stamps, location data, IP addresses, and other elements can be used to prove whether or not the cardholder was involved in the transaction. When the cardholder is claiming that the merchant defrauded them in some way, the bank may request more information. Merchants should always be on the lookout for these inquiries. Any inquiry that can be adequately addressed is a chargeback prevented. Ideally, bank investigators should uncover friendly fraud when it occurs, since they're trained to identify common scenarios such as a free trial period ending, in-app purchases made by an unsupervised child, and so on. As merchants know, this doesn’t always happen. Friendly fraud chargebacks are a huge problem for merchants, who have to take it upon themselves to provide evidence that refutes these claims. If they're confident that fraud has occurred and feel the case is substantial enough to warrant it, the bank may notify law enforcement agencies such as the FBI. Of course, the decision on whether or not to open an investigation is up to the law enforcement agency involved.
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Read More »How Do Fraud Victims Get Their Money Back? During the normal chargeback process, when a transaction is found to be fraudulent, the issuing bank immediately issues a provisional credit to that customer's account. When a merchant is hit with a friendly fraud chargeback, things are a little more complicated. This type of fraud is harder to prove, and banks tend to side with the customer when in doubt. Even in the best-case scenario, recovering funds lost to friendly fraud will take some time. If the merchant can prove to the issuing bank that the transaction is legitimate and the cardholder's claims are false, they can get their money back. However, this process will generally take at least 30 days, and often longer. The decision about whose claims to believe falls upon the issuing bank. In order to win the dispute, the merchant must provide evidence that the bank finds sufficiently convincing to reverse the chargeback. While the bank's decision can be appealed through arbitration, the fees involved are typically hundreds of dollars, meaning it's rarely the correct choice for most merchants. Why Do Merchants Bear the Costs of Fraud? The rules of the chargeback process are defined by a combination of various federal laws and card network guidelines created over the course of decades—they don’t really add up to a cohesive, internally consistent whole that treats every stakeholder equally. With merchants carrying the ultimate liability for the cost of chargebacks, banks aren’t really incentivized to investigate fraud in great depth or push back too hard against their customers’ claims. This might not be fair, but it highlights how important it is for merchants to take charge of their own defense when it comes to fraud and chargebacks. Fighting chargebacks is a battle on two fronts. Not only do merchants have to preemptively defend themselves and their customers against true fraud, but they must also fight friendly fraud chargebacks after they’ve been filed by engaging in the representment process and supplying the banks with evidence that shows that they were wrong to take their customer’s claims at face value.
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