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Venmo chargeback reddit Venmo chargeback reddit. Zelle scam - chargeback after WEEKS. Opus Dei, formally known as the Prelature of the Holy Cross and Opus Dei (Latin: Praelatura Sanctae Crucis et Operis Dei), is an institution of the Catholic Church which teaches that everyone is called to holiness and that ordinary life is a path to sanctity.

I agree--banks have come up with a lot of different and unfair ways to grind extra $$ out of simple transactions, but the way they'll recover this $7,000 (and all of the other money lost or stolen) is by keeping interest rates at higher levels for ALL of their customers than the prevailing interest rates dictate. Consider part of your interest a 'tax' to cover loss/theft...

Yes I know. They will never just let it go by the wayside, that's for sure. We should all respect the rules but learn how to play their game well, and if an unfortunate event happens to come your way whether it's your doing or not, and YOU as an individual get an opportunity to make it right for YOU, then you do it (but I'd never be blabbing about it anywhere).

I However, can algorithms be built into the system that track betting patterns, win percentages, bankrolls, etc., and then can manipulate cards dealt based on this?

No, this is way too complicated for an algorithm. They never got passed guiding transatlantic missiles and landing robots on Mars. Cheating in cards? Nah, impossible.

I agree--banks have come up with a lot of different and unfair ways to grind extra $$ out of simple transactions, but the way they'll recover this $7,000 (and all of the other money lost or stolen) is by keeping interest rates at higher levels for ALL of their customers than the prevailing interest rates dictate. Consider part of your interest a 'tax' to cover loss/theft...

No, they won't. That's not how chargebacks work. They will just charge the money back from the casino's merchant account.
If there is a victim in this scheme, it's the casino, not the bank.
I doubt the chargeback will work btw. If it does, I really want to know what bank the OP is using, to try and get their card too.

What happens with chargebacks is that you have to sign a form stating that you did not make or authorize the charges by the merchant listed on your credit card statement. This is where it becomes questionable -- as you did authorize deposits into your casino account, but did not specifically authorize some random third party to charge your card, state that you are receiving random furniture or tellepone services, and then funnel money into your casino account.

Actually, yes, you did authorize it when you hit that 'I Agree' button/

It is splitting hairs, but technically you can say that you didn't authorize such transaction in the way it is stated on your card.

Yeah, you can say whatever you want, but technically, it will be a lie.

During an investigation, the credit card company will ask the merchant to 'prove' that you authorized such charge and that you received a good or service from such a charge.

It is very easy to prove that you did authorize the charge. These payment processing companies keep webserver logs and record user ip addresses, which is considered sufficient proof for internet transactions.
As for the quality of the service, they (the bank) will ask you to explain and document which service you received and why you believe it to not be fit for its purpose.

These random third party 'fronts' will not want to be exposed as such, so they will always state that such a charge was indeed not appropriate, and all is done. What else could they say?

They can (and do) say that they are payment processing company for such-and-such place. It is not illegal, and there is no reason for them to not want to be exposed, because that's their business. The bank knows it anyhow.

And the third party wants to operate under the radar and not have too many chargebacks as that in themselves can expose themselves if they get over a certain percentage,

You got it backwards. This is exactly the reason why they will fight every single chargeback. It is not their fault when you file a frivolous one, but their merchant account may get closed if it gets too many approved chargebacks on it.

Really, the casino site and the customer have nothing to do with a chargeback -- it is between the third party and the credit card company.

If the payment-processing company does lose the dispute, the casino will pay them back. That's how these contracts work.

Per your own agreement that you sign with your credit card company, you are NOT liable for anything if the credit card company rules in your favor.

You are not liable to the credit card (obviously, since it ruled in your favor), not to other parties (especially to the casino, that, as you said yourself, has nothing to do whatsoever with your credit card).

If the credit card company (particularly a debit card) did pay the merchant and cannot recollect from them, then you are not responsible for that either, it is eaten by the credit card company.

You can rest assured, the main consideration in their ruling (in your favor or not) will be whether or not they can recover the money.

And the merchant is bound by their credit card agreement that they sign saying they CANT file suit against you directly if they can't collect from the credit card.

Except, that the casino is not the merchant in this case, so there is nothing preventing them from suing you.
There is also a chance (it happened before) that the US Attorney's Office will bring criminal charges against you if they suspect fraud.

But even if they cancel you, your credit would only be affected slightly as a decrease in total available credit and a recent closed account on your credit statement -- maybe a few points at the most. But then just go and open another credit card.

Not just total credit, but also utilization, number of accounts, average account age etc. Also, account closed by bank is generally considered an 'adverse action', and is negative by itself. Get canceled once or twice for chargebacks, and your chance to get another card get really slim. Applying for a loan will be kinda problematic too.
I am not saying this risks aren't worth 7K (although, I really doubt you'll get it back, but still worth a try), just don't do it again.

Actually, yes, you did authorize it when you hit that 'I Agree' button/
Yeah, you can say whatever you want, but technically, it will be a lie.
It is very easy to prove that you did authorize the charge. These payment processing companies keep webserver logs and record user ip addresses, which is considered sufficient proof for internet transactions.
As for the quality of the service, they (the bank) will ask you to explain and document which service you received and why you believe it to not be fit for its purpose.
They can (and do) say that they are payment processing company for such-and-such place. It is not illegal, and there is no reason for them to not want to be exposed, because that's their business. The bank knows it anyhow.
You got it backwards. This is exactly the reason why they will fight every single chargeback. It is not their fault when you file a frivolous one, but their merchant account may get closed if it gets too many approved chargebacks on it.
If the payment-processing company does lose the dispute, the casino will pay them back. That's how these contracts work.
You are not liable to the credit card (obviously, since it ruled in your favor), not to other parties (especially to the casino, that, as you said yourself, has nothing to do whatsoever with your credit card).
You can rest assured, the main consideration in their ruling (in your favor or not) will be whether or not they can recover the money.
Except, that the casino is not the merchant in this case, so there is nothing preventing them from suing you.
Not just total credit, but also utilization, number of accounts, average account age etc. Also, account closed by bank is generally considered an 'adverse action', and is negative by itself. Get canceled once or twice for chargebacks, and your chance to get another card get really slim. Applying for a loan will be kinda problematic too.
I am not saying this risks aren't worth 7K (although, I really doubt you'll get it back, but still worth a try), just don't do it again.

That's just a lot of bad information.
1. There is no legally binding agreement with an entity that tries to take your money yet cannot produce documented evidence that they themselves are running a legit organization. Their deception is more than enough reason for you to lie back to them. That is all part of the game being played with these illegal on-line casinos.
2. A webserver log & IP address means absolutely nothing for any individual transaction's proof. Once they have that info then any and all the info can be manipulated any way they want to show it to a 3rd party, rendering it useless as proof. Further, an on-line casino's 'word' that it was YOU who played and lost the money is irrelevant and they know it. They have complete control over how the data will appear if sent to a bank and the BANK knows that. My wife's brother works for Mastercard, and while he sees many disputes from people who say they either never approved a certain charge to an on-line casino or made the deposit but did not PLAY it yet even though it was somehow lost, he's never seen an on-line casino prevail. But what does happen is the attending bank who issued the Mastercard immediately shuts down any more charges to on-line casinos or their servicing centers for all cardholders (which should have been done in the first place).

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1. There is no legally binding agreement with an entity that tries to take your money yet cannot produce documented evidence that they themselves are running a legit organization.

Now, this is *really* 'bad information'.
You do not have to *prove* you are not a fraudster to be able to run a business, and provide services to someone.
If somebody feels they have been defrauded by you, the burden is on them to prove it.
Any agreement you sign (physically or electronically) is legally binding until you prove that it is invalid.

Their deception is more than enough reason for you to lie back to them.

That's a moral question that everyone has to decide for themselves. I'll obstain from commenting on that.

2. A webserver log & IP address means absolutely nothing for any individual transaction's proof.

Yes, they do. FTC has established about a decade ago that properly obtained, collected and stored electronic information is a valid substitute for customer signature in online credit card transactions.

Once they have that info then any and all the info can be manipulated any way they want to show it to a 3rd party, rendering it useless as proof.

That would be fraud, that is easily discovered, proven (ISP logs) and prosecuted. Way less return an higher risk, then simply cheating at blackjack.

Further, an on-line casino's 'word' that it was YOU who played and lost the money is irrelevant and they know it.

It does not have to be 'you'. It is enough to prove that it was somebody on a computer that you have control over.
ISP logs can prove that. If you claim somebody broke into your house to play blackjack, you'll need a police report to indicate that.

And an offshore casino account suing me directly in a US court to collect internet gambling debts which are in violation of US laws in the first place? After a credit card company has already determined that it is fraud? Come on, what planet are you on. I would like to see that one.

I don't see how you expect the fraud you are committing to become less of such because of the fact you did something else illegally as well.

Now, this is *really* 'bad information'.
You do not have to *prove* you are not a fraudster to be able to run a business, and provide services to someone.
If somebody feels they have been defrauded by you, the burden is on them to prove it.
Any agreement you sign (physically or electronically) is legally binding until you prove that it is invalid.
That's a moral question that everyone has to decide for themselves. I'll obstain from commenting on that.
Yes, they do. FTC has established about a decade ago that properly obtained, collected and stored electronic information is a valid substitute for customer signature in online credit card transactions.
That would be fraud, that is easily discovered, proven (ISP logs) and prosecuted. Way less return an higher risk, then simply cheating at blackjack.
It does not have to be 'you'. It is enough to prove that it was somebody on a computer that you have control over.
ISP logs can prove that. If you claim somebody broke into your house to play blackjack, you'll need a police report to indicate that.

Man are you misled about the real world of banking.

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Mastercard has never found in favor of an on-line casino in a dispute. Why? Because those casinos are in foreign countries, and since their financial regulation is of the same nebulous description as their games, their 'proof' is always worthless. And when a person isn't supposed to be playing on-line and the bank isn't supposed to be AUTHORIZING such charges under the law, the dispute is going the cardholder's way every time. Look at it this way: The player has zero recourse with the on-line casino if a dispute arises about game fairness; so the on-line casino has zero recourse if a dispute arises about a financial transaction with a US bank. Sounds fair to me!
Um...that FTC finding is valid only for events that occur within the US. Again, what goes around comes around for these crooked casinos.

• Page 2 of 3

The Impact of Fraud & Chargebacks on the Fast-Growing Online Gaming Space

Online gaming can be a fun, exciting pastime, and it’s attracting millions of new players each year. A massive sector of the digital economy, we can attribute 11% of total internet traffic globally to online betting. Incredible as that sounds, the online gaming market remains on a trajectory of rapid growth.

Traffic to online betting sites in the UK, for instance, is up 300% since introduction of the Gambling (Licensing and Advertising) Act of 2014. The mobile gaming market is the fastest growing segment of the market by a wide margin, now representing 43% of total traffic.

The financial impact of this rapid growth is staggering. According to Juniper Research, total online wagers—including casino games, sports betting, and other avenues—will reach nearly $1 trillion a year globally by 2023. That translates to nearly 1% of projected global GDP.

There are several factors at play here. First, we’ve seen a rise in the acceptability of online gaming among the general populace. Also, the increasingly-interconnected digital market makes it hard to enforce regional or national prohibitions. From every indication, we’re toward a market in which borderless online gaming seems more and more like a reality*.

*Can I Accept US Players?
The US market is huge; it’s the world’s second-largest digital economy. But, it can be a complicated process for gaming sites looking to get a piece of the pie. Accepting bets online across state lines is illegal in the US. The law less clear, though, regarding US consumers placing bets with services based internationally [1]. However, most assert that accepting bets from the US is, in fact, legal [2].

Of course, as the market grows, so does the associated risk. Given the prospective growth in the industry over the next few years, we really can’t afford to be cavalier about fraud in the online gambling marketplace.

The Current State of Fraud in Online Betting

Fraud in the gaming industry is a serious concern. The ThreatMetrix Gaming and Gambling Cybercrime Report reveals that roughly one in every 20 new accounts created with an online gaming site is connected to a fraudster. The same report claims that bot attacks can account for up to half of daily traffic during peak attack periods.

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One of the most common tactics fraudsters employ is a form of synthetic identity fraud. First, a criminal creates dozens or even hundreds of accounts using fake user credentials. He may then use those fake accounts for multiple purposes:

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• Bonus Abuse: Each account collects promotional bonuses or rewards for signing up, which the fraudster then cashes in.
• Gnoming: The bad actor uses multiple accounts to drive up bonuses and jackpots, then reap the winnings.
• Chip Dumping: Like gnoming, this involves multiple accounts joining a game and deliberately losing to one specific account.

These are just a few examples. Criminals can also engage in any number of common eCommerce fraud tactics, including account takeover and clean fraud.

What’s more, despite the prevalence of fraud in the online game space, it’s not easy to pick out fraud from legitimate users. For example, players often employ tactics like IP spoofing, VPNs (virtual private networks), and other techniques to hide their location. Using any of these techniques could be a sign of fraud…but that’s not necessarily the case. You could end up turning away legitimate buyers by accident.

Risk of Chargeback Abuse in the Gaming Industry

Customers have some recourse when they get burned by fraudsters, however. The legitimate cardholder can file a chargeback to recover the funds stolen by criminals. Chargebacks, as they were designed, are an important and useful fraud protection mechanism. Unfortunately, the merchant of record doesn’t have any such protections; what’s worse, consumer chargebacks often end up being used as a tool to commit fraud, rather than recover from it.

“Friendly fraud” occurs when a customer files a chargeback instead of trying to first obtain a refund from the merchant. For whatever reason, the authorized cardholder disputes a legitimate charge. This pushes the bank to force a refund under the pretense that the merchant made an error, or that the transaction was fraudulent.

Friendly fraud goes hand-in-hand with another tactic called “cyber shoplifting.” This occurs when a user completes a transaction with the preconceived intent to file a chargeback later. It’s a way of getting something for free. While the latter is more insidious, the result is the same: the cardholder gets the money back, while you lose out.

Of course, it’s not entirely hopeless; you can recover some of the money lost to friendly fraud and cyber shoplifting through the representment process. This, however, involves in-depth knowledge of card scheme policies and regulations, and must be conducted on a very short timeline.

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What Can Gaming Merchants Do?

Authenticating users and providing a quality customer experience is vital to prevent fraud and chargeback abuse. That’s easier said than done, though.

Th current situation puts online betting shops in a difficult position. Some degree of friction in the customer experience is necessary to deter fraud, but too much friction can turn away legitimate users. One report published by Jumio found more than 25% of potential online gambling customers abandoned the account opening process before completion, claiming the process was too lengthy or complex.

Merchants must balance the need of authentication with the demands of the customer experience. The only way to accomplish this is to separate positive points of friction from negative ones.

A “positive” friction point is one which presents a reasonable and minimal degree of friction that is ultimately negligible relative to the protection it provides. Some examples of positive friction include:

• Verifying card CVV when connecting it to the user’s account.
• Asking users to verify each addition of funds before finalizing.
• Requiring complex and unique passwords for all new accounts.
• Offering 3-D Secure 2.0 for users who opt-in to the service.
• Employing backend fraud tools (geolocation, IP verification, fraud scoring, etc.).
• Offering mobile payments with two-factor authentication.
• Verifying the age of individual users to prevent underage abuse of online gambling.

In contrast, “negative” friction slows down transactions and impacts the customer experience while providing little real protection against fraud and chargebacks. Examples of this can include:

• Overly complicated (or broken) site navigation.
• Excessive or redundant fields during account creation and funding.
• Limiting your accepted payment methods.
• Deploying outdated or ineffective verification methods.

No Strategy Will Ever Be Perfect

Even after adopting positive friction points and eliminating negative ones, you’re still not entirely protected.

As we discussed at the top, the gaming industry is a fast-moving space. The nature of the industry requires you to stay on top of technological advancement, as well as industry regulations, card scheme rules, international law…and more. That can seem intimidating, but partnering with industry experts to manage different facets of your business strategy can make it much easier.

Chargebacks911® is the leading brand in the chargeback management space. We partner with merchants, acquirers, and processors operating in the gaming space to produce real, lasting, chargeback reduction. Click below to learn how you can reduce costs and recover revenue today.