Finance UK have reported that the iGaming industry is particularly vulnerable to payment fraud following a report by Consult Hyperion. The IT consultants warn that fraud constitutes a threat to industry growth greater than any moral, regulatory or tax concerns. The problem, they say, lies in the reliance on credit cards as a method of payment. Finance UK explain: When credit cards are used for online gambling, the transactions generated are categorized as card not present (CNP) transactions, a category which has become the fastest growing sector for fraud in the card payments industry.
Dick Clarke, consultant with Consult Hyperion says: 'The failure to handle online payments securely and efficiently could have a severe impact on the online gambling sector in the future.
A Player can dispute a transaction for a number of reasons including misuse of their card, customer processing errors or if the player is generally dissatisfied with the goods/service or level of customer service supplied.
Signing a paper and fax it over to casino wont reduce the risk of a charge back a I see it as a way pressure the player.
Must be hard to get a good non coded processor.. next problem is when the uncoded processor gets coded. THEN you have a problem as it is very difficult to return cash to the cards, as it normally won't go through. Casinos then have to find another way to get money back to the players concerned, which can leave them vulnerable.
