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Fraud
With the growth of credit and debit card usage and rising e-commerce transaction volumes, there has been a serious increase in exploiting user negligence to harm customers. Fraud means using someone else's card at a merchant or ATM to gain unjust profit.
Credit Card
Credit card fraud keeps changing form, but the aim is always to trick the cardholder into giving up card details. Fraudsters posing as delivery couriers now copy cards on modified POS devices. Here is how the scam works and how to protect yourself.
Merchant & POS
Almost all of us carry at least one credit card. Imagine losing your wallet with all your cards inside, and someone with bad intentions finding it and using the cards without a PIN. Who bears the responsibility?
Merchant & POS
Partial Authorization lets an issuer approve part of a transaction instead of declining it when the balance or limit is insufficient. This post covers how it works in ISO 8583, whether it is mandatory, and why it matters for the business.
Payment Systems
Elon Musk was set to unveil Neuralink, a brain-computer interface. What is Neuralink, and how might payment systems change if payments, cards, ATMs and POS devices move from phones to a chip in the brain?
Merchant & POS
Chip&Pin, introduced in Turkey on March 31, 2006, is a payment method that greatly reduces the risks of card copying and loss or theft fraud. The chip on the card reduces copying risk, while the 4-digit PIN prevents unauthorized use of a lost card.
Chargeback
Chargeback reason codes vary by card scheme. The Amex chargeback reason codes and their descriptions are listed below: American Express Chargeback Reason Codes A01 The charge you submitted did not receive a valid authorization approval code for the amount...
Merchant & POS
When a transaction is made through a POS, it is recorded both on the POS itself and in the acquiring bank's authorization system. At batch close, the POS sends all its transactions to the bank, which reconciles them against its own records.
Cryptocurrency
Cryptocurrencies are becoming part of everyday life and are expected to compete seriously with card payments. This glossary explains the key crypto terms, from address, altcoin and arbitrage to halving, mining, proof of stake and stop-loss.
Laws & Regulations
The articles of the Regulation on the Accessibility of Banking Services are listed below. Published in the Official Gazette on 18 June 2016 (issue 29746), banks must strictly comply with them. PART ONE Purpose...
Online & Authorization
A reference guide to authorization response codes seen on POS and ATM transactions, with plain-language explanations of what each code means and what to do about it.
Credit Card
Credit cards can be a convenient way to manage income and expenses, but for those who don't know how to use them, they can become an expensive and risky product. Here are the key pros and cons to weigh before applying for one.