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Home»entertainment»Experts Unveil Strategies for Concert Ticket Resellers to Spot Online Payment Scams
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Experts Unveil Strategies for Concert Ticket Resellers to Spot Online Payment Scams

Brendan YatesBy Brendan Yates28/07/20244 Mins Read

Reselling concert tickets online can be lucrative, but it comes with significant risks. Not only customers, but sellers too can fall prey to scams. As payment fraud attempts surged by 71% among US businesses in 2023, as reported by Business Wire, it is crucial for ticket resellers to remain vigilant against fraudulent activities that could lead to financial losses.

Dennis Pederson, CEO of PayFasto, outlines three prevalent payment scams that independent ticket resellers should be aware of and provides strategies to mitigate these risks. Whether you are trying to sell a ticket for the Eras Tour date you can no longer attend or have spare tickets to a summer music festival, these tips will help ensure a secure transaction.

Chargeback Fraud

Chargeback fraud, or “friendly fraud,” occurs when a seemingly legitimate customer disputes a credit card charge with their bank after receiving their order. These individuals often claim they did not receive the item or that the payment was unauthorised, in an attempt to get a refund. Unlike true fraud, where a third-party bad actor uses stolen information, those committing friendly fraud appear trustworthy.

This scam can be devastating for online sellers, who are often responsible for the financial losses when a bank accepts the dispute. For physical tickets, buyers might claim non-receipt and open a dispute, potentially receiving a refund if the claim cannot be disproven. Even with e-tickets, buyers may falsely claim they never received the email or allege a technical issue.

To prevent friendly fraud, good communication is essential. Sellers should ensure that merchant names and transaction details are clear in banking apps to avoid customer confusion and send prompt email confirmations after purchases. Reselling through verified resale websites can also help, as these platforms handle transactions and protect sellers from fraudulent customers.

For those sending physical tickets, enabling package tracking and delivery updates can confirm receipt. Providing excellent customer service and informing recipients of any delays is crucial. Additionally, implementing two-factor authentication for payments and verifying suspicious purchases, such as large orders, before shipping can further safeguard transactions.

Phishing Scams

Phishing scams involve criminals tricking individuals into sharing sensitive information, like credit card details and passwords, through fake emails or texts that direct them to fraudulent websites. While phishing typically targets customers, sellers can also be affected, compromising their privacy and security and potentially causing significant data breaches.

To identify phishing scams, sellers should educate themselves on red flags, including unexpected requests for personal information, spelling and grammar errors, unknown senders, and messages that create a sense of urgency or threat. Avoid clicking unfamiliar links or downloading untrusted attachments.

Advanced email filtering tools and thorough assessment of third-party communications can help reduce phishing risks. Limiting access to sensitive data through multi-factor authentication and keeping digital systems and software updated are additional protective measures.

Merchant Fraud

Merchant fraud involves scammers posing as legitimate sellers to deceive customers. Fraudsters might create fake online stores, offering tickets at attractive prices but failing to deliver the promised goods. This practice not only harms consumers but also damages the reputation of genuine sellers, leading to financial losses through chargebacks and other liabilities.

Sellers can combat merchant fraud by ensuring that their names and transaction details are clear on bank statements, distinguishing legitimate purchases from fraudulent ones. Implementing clear terms and conditions, secure payment methods, and multi-factor authentication can also enhance trustworthiness.

Staying informed about the latest fraud prevention techniques and maintaining robust fraud prevention measures and software are crucial. Reselling tickets through verified resale websites, such as those where the original tickets were purchased, is often the safest option. However, for those who prefer independent reselling, awareness of these scam types and proactive measures can help ensure smooth and secure transactions.

Conclusion

As online ticket reselling grows in popularity, so do the risks associated with it. By understanding and mitigating the threats of chargeback fraud, phishing scams, and merchant fraud, resellers can protect themselves and their customers. Staying informed, maintaining open communication, and using secure payment methods are key strategies in safeguarding against these scams. Reselling through verified platforms offers additional protection, but for independent resellers, vigilance and proactive measures are essential for successful and secure transactions.

For more information, https://payfasto.com/high-risk-merchant-account/ .

concert entertainment expert’s for news online payment resellers scams spot strategies ticket unveil
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