Newsletters - August 2020

MyChargeBack hosted its inaugural webinar on 25 August to a standing-room-only audience. Hosted by Eli Waldman, our Director of Recovery Services, the webinar focused on ‘Chargebacks in the Post-COVID-19 World.’ Eli began by explaining what exactly chargebacks are and the different categories they fall under. Seventy percent of chargebacks, for example, are granted due to unauthorised transactions, also known as fraud. That includes, for example, purchases made using stolen credit cards or compromised accounts. The remaining 30 percent of chargebacks involve authorised transactions for goods or services that were not delivered as contracted.

Even before the COVID-19 pandemic began, statistical evidence shows that card-not-present transactions are growing while in-house transactions have been falling. That was due, of course, to online shopping. But the COVID-19 pandemic has 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 centres, 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 a surge 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 importance to you. Stay tuned! We’re at work preparing additional webinars. In the meanwhile, if you missed this one, you can see it on our website.

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

MyChargeBack in the News

Cointelegraph, the world’s leading independent digital news site focusing on cryptocurrency, blockchain technology and emerging fintech trends, quoted MyChargeBack in this month’s magazine as an authority on crypto scams:

‘There’s nothing much new under the sun,’ says Michael Cohen, Vice President of Operations at MyChargeBack, an American company that deals with retail crypto crimes. ‘You don’t have to be Dr Evil to scam someone via cryptocurrency. You can be a Mini Me… The common denominator of all of them is a tremendous amount of inexperience on the side of the consumer,’ says Cohen.

MyChargeBack’s Tip of the Month

2020 Netflix Scam: Protect Your Privacy

The latest Netflix scam misleads users into handing over their personal information and credit card details.

The Netflix email scam refers to a supposed billing problem that resulted from a failure to verify a client’s personal details. As a result, the email advises users to update their details within 24 hours. Failing to do so would result in the cancellation of the subscription.