When selling online, one of the most frustrating things is having your goods bought with stolen credit card numbers. a) you lose your product b) you don’t get paid.
An Inc Magazine reader writes asks Scammers have been downloading software from my website using stolen PayPal accounts. What can I do?
Inc replies Those PayPal accounts may have been swiped with the identity-theft technique known as phishing. Unfortunately, it’s your business that’s on the hook. PayPal’s seller-protection policy covers only physical goods, leaving digital dealers, who must refund scammed customers, out of luck. PayPal is considering extending coverage to digital goods this year, says spokesperson Amanda Pires.
Your best bet is to beef up security. A number of tools let vendors vet orders before granting approval. For example, most shopping cart software can be customized to flag certain orders for rejection or further review. Companies such as Cybersource, based in Mountainview, Calif., also offer souped-up antifraud services. Rates vary, but prices start at $495 a month, plus 12 cents per transaction. Read the full Inc article here
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