Friendly fraud, also known as chargeback fraud, occurs when a consumer makes a purchase with their own credit card, and then requests a chargeback from the issuing bank after receiving the purchased goods or services. Once approved, the chargeback cancels the financial transaction, and the consumer receives a refund of the money they spent.
Friendly fraud, also known as chargeback fraud, occurs when a consumer makes a purchase with their own credit card, and then requests a chargeback from the issuing bank after receiving the purchased goods or services. Once approved, the chargeback cancels the financial transaction, and the consumer receives a refund of the money they spent.
Source: Wikipedia "Friendly fraud" · CC BY-SA 4.0
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