Payment Fraud Detection
The cluster focuses on discussions about fraud detection in payment systems, chargebacks, who bears the financial losses (banks vs. merchants), and the challenges of false positives versus preventing scams.
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Does not this already happen in case of fraud pretty much everywhere?
does it really work like that? i thought the banks had to cop the losses due to fraud.
It's easy to forget the firehose of fraud attempts that platforms like Stripe, PayPal, etc must be dealing with 24 hours a day. I assume that's what's behind most of these unfortunate incidents. Not that there is fraud in this case, but this could be one false positive among billions of true positives.
Any that suspects fraud and doesn't want to be on the hook for the inevitable chargeback.
Shouldn't fraud detection available by default? Why customer has to pay extra?
In practice, I should imagine fraud protection would kick in and prevent the transaction.
Look up “chargeback guarantee”. A lot of fraud vendors do this. Costs 2x or more though than the average transaction
Wouldn't this also forbid payment fraud detection algorithms for example?
Fraud protection, isn't it obvious?
Props to the guy that figured it out on StackOverflow! I still wonder about how that transaction got through without triggering a fraud alert.