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Fraud
Chargeback is the process of refunding a credit card payment when the goods or services that should have been received were not, or when transactions not made by the cardholder are identified. In Turkish it is translated as reversal of presentment.
Payment Systems
In payment systems, an “appeal” is the process of objecting to the outcome of a transaction dispute. It is usually discussed alongside chargebacks, but it plays a critical role in interbank dispute resolution, when a party asks the card scheme to re-evaluate a concluded decision.
Payment System Institutions
BKM (Interbank Card Center) works through several committees: Security, Operations and Technology, Market Development, Business Development, Chargeback Rules and Arbitration, ATM Sharing, plus arbitration committees. This post outlines each one's duties.
Merchant & POS
It's important to first distinguish between magnetic-stripe and fallback transactions. A magnetic-stripe transaction skips the chip entirely, which lowers its security level compared to a fallback transaction.
Clearing
The Documentation Indicator is a code carried in the F60 (Additional Data) DE05 field of clearing transactions. Used in second presentment and reversal presentment transactions, it shows whether the supporting document has been sent. This post lists the values and their meanings.
Online & Authorization
Electronic Commerce Indicator (ECI) is a 2-digit value generated by payment schemes (Visa, MasterCard, etc.) in 3D Secure transactions to determine the transaction's security level (Full 3D Secure, Half 3D Secure, Non 3D Secure), and it varies by payment scheme.
Payment Systems
All e-money institutions are authorized to issue e-money under Article 18, paragraph 2 of Law No. 6493. In addition, the payment services they are authorized to provide under Article 12 of Law No. 6493 are shown in the table below.
Payment Systems
The communiqué on the information systems of payment and electronic money institutions and the data sharing services of payment service providers was published in Official Gazette No. 31676 on 01.12.2021 and entered into force.
Payment Institutions & E-Money
Payment Services Data Sharing Services refers to the data sharing services used in the payment services set out in subparagraphs (f) or (g) of the first paragraph of Article 12 of Law No. 6493.
Laws & Regulations
A payment service means the services offered under Article 12(1) of Law No. 6493. Essentially, it is delivering funds received from a sender to a recipient.
Fraud
Recently the following news story appeared in the papers. Two things stood out: the hacker was a former banker, and the device he used to clone cards. In banking fraud, insiders who know the system's weak points can build schemes customers never notice.
Chargeback
A chargeback is a dispute raised against a card transaction when the cardholder did not make it or does not recall it. The dispute types vary depending on the situation; let's look at them.