We had over 45 fraudulent transactions go through our merchant account. When I spoke to loss protection about their fraud protection on linkpoint which they advertise as:
"LinkPoint Secure Payment Gateway is for start-up merchants, as well as for merchants who already have a Web site and want a secure, fast and reliable e-commerce payment solution. The LinkPoint Secure Payment Gateway translates information from a merchant's Web site into a format that can be read by an electronic processing system to process transactions online.
E-commerce means new opportunities and responsibilities for merchants. The LinkPoint Secure Payment Gateway offers merchants the protection of 128-bit Secure Sockets Layer (SSL) encryption, as well as state-of-the-art fraud-protection features, including:
Fraud screening of each transaction prior to submission for authorization.
Additional fraud protection during authorization through Address Verification Service (AVS), MasterCard's Card Validation Code 2 (CVC2), and Visa's card verification value 2 (CVV2).
Protection from repeated fraud through the blocking of:
- Specific credit card numbers
- Internet protocol (IP) addresses
- Email addresses
- Individuals by name
- Purchase values in excess of a threshold dollar amount"
I was told by Geoff Gray in Loss Prevention that they don't check the address, the CVC2 or CVV2 or do any detection at all.
And for this lack of protection they charged us and removed the money from our bank account with permission. Their reason "we have to protect ourselves".
Mmmmmmmmmmmm good customer protection there then. Seeing they sent me a statement with charges on it by mail and they didn't provide the services, is that mail fraud?
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