Hey everyone! how are you doing? this week I continue with the Scam Alert week, bringing you the dark info from the scammers and relentless people I have faced, battled and rejected in my journeys, in the exchange business, the money 2.0 and crypto world.

< Version en español>

Btw if you missed the first week you can find it < here>

Credit cards Scams

From my experience, credit card scams are a real pain and sellers usually suffer a lot with this.

Reversals / Chargebacks

I'm gonna explain this "method" from the seller's point of view.

a.- Someone buys a product from you
b.- You see the credit card payment and verify you "have" the money.
c.- Once everything is ok, you deliver/send the product
d.- Then you get a notification from your credit card gateway/processor that the payment was fraudulent and the money is reversed to the buyer.
e.- You end up without the product and without the money

how can a scenario like this happen?

The credit card is stolen, cloned or engineered and then is used for purchases by a scammer; when the true owner realizes what happened, calls the bank and says that all payments are not authorized. At that point, you (the seller) lose the money or the product you gave.

for a credit card to be stolen there are physical methods of course and digital ones (several ones) and they can also be engineered (connecting several platforms and methods).

How can I be safe?

1.- Use cryptocurrencies.
2.- if you accept credit cards, request verification documents, you can also apply the KYC standard

KYC (Know your customer) is the process of a business identifying and verifying the identity of its clients. these processes are also employed by companies demanding that customers provide detailed anti-corruption due diligence information.

My best advice is to always educate yourself, pay attention to details and learn to protect your hard earned money.

See you next week!

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Thanks!