What is a Chargeback/Retrieval/Fraud order? How should it be handled?

Chargeback order: A chargeback is the reversal of financial transaction,typically initiated by a customer(the cardholder),who disputes a sale on his or her credit card.

Handle Guideline:Oceanpayment-Chargeback Process Guidelines

 

Retrieval order: A retrieval request is usually initiated when the cardholder questions and does not recognize a transaction appearing on the bank statement, thereby requesting the merchant for a copy of a transaction receipt. If a cardholder or issuers disputes a transaction, the retrieval request is the first stage of the dispute resolution process.

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Fraud order: When a customer makes a fraud claim, their card-issuing bank will create a fraudulent activity report (TC40 or SAFE). Based on this report, the acquirer and issuing bank will ascertain the risks pertaining to this fraudulent activities and adjust their risk management strategies accordingly to ensure that fraudulent activities are kept within a reasonable scope. Visa’s fraud activities report is referred to as the TC40 while MasterCard’s report is called SAFE (System to Avoid Fraud Effectively). Activities reported in these reports are called fraudulent transactions.

Handle Guideline:Oceanpayment-Fraud process Guidelines