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Online & Authorization
Online transactions grow every day in both number and volume, and so does the risk of fraud. Here are practical steps cardholders can take to shop online more safely.
Credit Card
First, let's briefly explain CVV/CVC. CVV stands for Card Verification Value, a term used for Visa. CVC stands for Card Verification Code, a term used for MasterCard. The CVV/CVC code is used for cardholder verification and to reduce fraud risk.
Payment Systems
According to the Banks Association of Turkey, collusive transactions that misuse POS devices, debit cards, or credit cards for purposes other than their intended use are called fictitious transactions - in short, transactions used outside their intended purpose.
Payment Systems
Here are the Mastercard and Visa chargeback reason codes that require a cardholder letter and/or supporting documentation, with their descriptions.
Credit Card
Debit cards and prepaid cards are generally closed to mail order transactions. Mail order authorization is held on credit cards. Unless specifically requested at application, a card is issued closed to mail order transactions.
Security
The TBB book 'Fraud Detection and Prevention Methods in Banking' analyzes the types of fraud threatening the banking and finance sector and individuals, with examples from the world and Turkey, and offers protection recommendations. This post explains how to access it.
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.
Payment Systems
The Draft Retrieval Not Required Before Chargeback codes defined for Visa and Mastercard are listed below, so you can see which disputes can go straight to chargeback.
Online & Authorization
You press the pay button and the screen says the transaction failed. Behind that failure are checks on your balance and transaction security. This post explains how funds confirmation APIs work, where they apply, and the situation in Turkey's open banking.
Chargeback
Chargeback is inherent to card transactions, so it may be impossible to prevent entirely, but taking precautions keeps the risk to a minimum. Here are the key points merchants should pay attention to in order to reduce chargebacks.
Fraud
A man-in-the-middle attack is a method in which an attacker inserts themselves between the server and client to intercept users' information, steal passwords, and gain access to accounts on a local network. This fraud mostly occurs over public internet connections.
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.