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Is payment by credit card secure?

We are inseparably connected with online shopping with various forms of payment and methods of financing them, apart from online loans which help with small expenses, we also have a multitude of banking options, including credit cards.

Is online payment by credit card secure?

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Banks as promoters of card payment solutions on the web care very much for the security of their clients by using various security solutions one of them is 3D Secure which protects clients authorizing payments in the network against fraud

What exactly is 3D Secure?

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Specifying the 3D Secure mechanism works in selected stores and is currently the standard in Polish banks which is launched with the issuing of the card and it is difficult to disable it from the level of online banking although some banks provide this option for customers.

It works in a simple way of transaction authorization by providing a one-time code from our SMS authorization tool or notification in the bank’s application after entering the card’s payment details. This mechanism prevents scams in case of card loss (an unauthorized person would also need to have our authorization tool)

In addition to the 3D Secure mechanism, banks also use various anti-fraud mechanisms, which, if a transaction that we could not detect blocks the card, such a transaction may be, for example, cash withdrawals in another country when we were just paying for purchases in the store or an internet transaction for a high amount we’ve never done it before.

What if the card money is stolen?

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However, if there is a situation in which someone uses our card without our consent or authorization, please remember that every credit card is insured and covered by the CashBack program, unfortunately, banks rarely inform their customers about it.

In case of using the CashBack procedure, we can recover any unauthorized transaction up to 90 days back regardless of the payment institution, in addition, it is worth to immediately request a CashBack from the bank instead of complaints about this type of operation.

For example, some banks, before considering a complaint, GBank recognizes the amount in dispute on our account so as not to block our money until the dispute is resolved, which is a great help for customers.

What exactly is CashBack?

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A CashBack is a type of refund initiated by the card issuer (bank) on behalf of the client (cardholder), it is also an effective mechanism to protect the consumer against unfair sellers and stores because CashBack is also used to recover money in cases disputes with stores or payment operators.

When can we apply for a CashBack?

When can we apply for a CashBack?

Most often, we request CashBack when we do not recognize the transaction in our account, but not only in the case of disappearance of funds we can undertake the request for CashBack, the full list is:

  • The ordered goods have not been delivered or the service has not been performed (does not apply to digital keys)
  • The customer ordered other goods than they received, or the goods do not comply with the description or the description did not contain relevant information
  • The customer returned the goods but did not receive a refund
  • In the event of technical errors of the terminal, a double charge or a charge for a different amount than on the invoice
  • In the event of card theft, unauthorized transactions, fraudulent transactions

What does the CashBack process look like?

What does the CashBack process look like?

  • The consumer contacts his bank (card issuer) and submits a CashBack request.
  • The card issuer initiates the CashBack procedure and contacts the acquirer (authorization / settlement center).
  • Acquirer informs the seller about the CashBack reported and asks him to take a position within a specified period (e.g. 7 days).
  • The seller either accepts the CashBack complaint or rejects it and provides documentation confirming the grounds of the notification.
    If the seller accepts the CashBack, does not respond within the prescribed period or rejects the CashBack, but is unable to provide documentation – he must return the funds and pay the appropriate fee.
  • Acquirer informs the card issuer about the position of the seller and provides any documentation (if the seller proves his case).
  • The card issuer informs the consumer about the outcome of the procedure. If the seller was right, no refunds will be made.

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