Protect Your Credit With These Tips! – How to Avoid Credit Card Fraud
Are you looking for into cash back rewards credit cards, or a refund credit card? If so, keep in mind that sometimes there is a difference between earning the money and getting paid the money. Nowhere else is this difference more apparent than when trying to get your money back credit card reward credited to your account or cashed out. Why is that, you ask? Read on...
We will discuss the main differences between top cash back or money back credit cards that are available in the market place today. These main differences pertain to: The cashback percentage, The cashback threshold amount, and The cashback payout time delays. Except for the first one, they are all usually hidden deeply in the fine print. We will argue here that they are all equally important when picking the best cash back rewards card.
Sounds legit. Except the caller never bought anything from you. If you issue the refund, you can bet that if you cut a check, you'll never get your money back. Seems obvious? It's not, and incidents of "refund fraud" are rapidly increasing for service businesses like law firms who are often easy marks for scammers because either they are new to taking credit cards or simply aren't used to dealing with fraudsters. Fortunately stopping refund fraud is easy. By following a few very simple rules you can save your firm thousands in lost money and time:
Only give card payment refunds by crediting the customer's credit card. Never issue a check or hand out cash for any credit card transaction, even if you know the refund actually is legitimate.
Then, the last creditor can sweep in and demand full payment, or just refuse to strike a deal. That last creditor can get all of the remaining money, or may not be willing to settle at all. Now that the consumer's debt is reduced with the other four companies, that the final creditor has no incentive to take less than the full amount owed.
Always check your sales history to ensure the person claiming to be your customer is actually is your customer, and has actually paid you before issuing a refund. Invoices and receipts are easily doctored with modern photo editing software, making it easy for scammers to present what looks like legitimate paperwork.
You clearly do not want to be in that position. Which brings me to the last important point, The cash back payout time delays.
If all else fails, and the alleged customer is insistent about the refund, suggest that he or she take it up with whoever issued the credit or debit card. If there is a legitimate charge, you will get a chargeback notice. If not, you'll never hear from the fraudster again.
Harris Smith is a personal finance writer interested in home equity line of credit Don't Miss Out!
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