Newsletter - October 2020

MyChargeBack in the News

MyChargeBack Vice President of Global Operations, Michael B. Cohen, was quoted twice this month by PMNTS.com, the payment industry’s leading news site by traffic and the premier source of information about “What’s Next” in payments and commerce.
On October 8, PYMNTS.com quoted Michael as the subject matter expert to confirm that scammers are increasingly trying to dupe victims into paying with cryptocurrency instead of credit cards because it’s harder to undo a crypto transfer. “When it comes to crypto, consumers may have a chance of recovering funds only in the case of unauthorized transactions,” he advised. And the next day, PYMTS.com quoted three authorities ̶ U.S. Attorney General William Barr, FBI Director Christopher Wray and Cohen ̶regarding the challenges posed by crypto transactions.

New on Our Website

Did you miss our premier webinar on Chargebacks in the Post-COVID-19 World with Eli Waldman, our Director of Recovery Services? If so, you can now view a recording here on our website. In addition, we’ve added a Glossary of Terms page here to make it easier to understand the language that bankers and credit card networks speak.

Even before the COVID-19 pandemic began, statistical evidence shows that card-not-present transactions are growing while in-house transactions have beenfalling. That was due, of course, to online shopping. But the COVID-19 pandemichas sped up the purchasing evolution that was already underway.The coronavirus has forced many companies out of business, while many others, including banks and call centers, have been forced to radically adapt. While pushing ecommerce, the pandemic also disrupted customer service.The result of all the ongoing changes, accelerated by the pandemic, has been asurge of chargebacks at just the time that banks are least able to process them. Banks find themselves understaffed, with many of the remaining employees working from home doing unfamiliar tasks. Our thanks to Eli Waldman for an informative and interesting talk. We look forward to future webinars to cover more topics of interest and critical importanceto you. Stay tuned! We’re at work preparing additional webinars. In themeanwhile, if you missed this one, you can see it

Even before the COVID-19 pandemic began, statistical evidence shows that card-not-present transactions are growing while in-house transactions have beenfalling. That was due, of course, to online shopping. But the COVID-19 pandemichas sped up the purchasing evolution that was already underway.The coronavirus has forced many companies out of business, while many others, including banks and call centers, have been forced to radically adapt. While pushing ecommerce, the pandemic also disrupted customer service.The result of all the ongoing changes, accelerated by the pandemic, has been asurge of chargebacks at just the time that banks are least able to process them. Banks find themselves understaffed, with many of the remaining employees working from home doing unfamiliar tasks. Our thanks to Eli Waldman for an informative and interesting talk. We look forward to future webinars to cover more topics of interest and critical importanceto you. Stay tuned! We’re at work preparing additional webinars. In themeanwhile, if you missed this one, you can see it

COVID Scams of the Month

COVID-19: Fraud

“Websites with fake news about COVID-19 or posing as charities are easily shared on social media. But these bogus websites can do more than just spread misinformation.  By asking you to create an account or log in, they gain access to your personal information and can even infect your device with malware ...
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COVID-19 Operating in the 'new normal' – A backdoor to increased fraud risk?

“It is not hard to see why the crisis might provide fertile ground for fraud. The combination of financial and health threats makes people more vulnerable and creates opportunities for fraudsters.
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Social Media Scamming Attempts Skyrocket During Pandemic

“More people are reporting losing money to scams that started on places like Facebook, Instagram, LinkedIn, Snapchat, TikTok  and Twitter, according to a new report by the Federal Trade Commission. Such complaints more than tripled in the past year, with a sharp increase in the second quarter of 2020, according to FTC data.
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BBB Study: Vehicle Shipper and Escrow Scams Growing

“Social distancing guidelines during the COVID-19 pandemic have fueled an unprecedented shift to online shopping for consumer goods of all kinds, including vehicles, with particularly high demand for recreational vehicles (RVs).
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How FX Scammers Took Advantage of the COVID-19 Crisis

While the COVID-19 pandemic caused world-wide panic. Fraudsters were busy engineering scams that sound enticing during a pandemic. For instance, during the initial lockdown,  just around the time the stimulus check was announced, there was a lot of speculation on investment ideas. 
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MyChargeBack’s Tip of the Month

Contact tracing has ramped up significantly with a number of mobile apps and manual programs in lieu of the current COVID-19 pandemic. The objective is to identify and advise those who have come into proximity with coronavirus-infected individuals. In order for this to run effectively, officials need to make numerous calls and send many text alerts to potentially affected citizens. As a result, warnings across the United States are alerting individuals of a new phishing scam. Scammers are presenting themselves as COVID-19 contact tracers leading to credit card fraud and identity theft.