It’s happened to almost all consumers: They’re idly perusing their credit card statements when they come across completely confusing, seemingly random charges from businesses they don’t recognize in locations they’ve never visited. Consumers panic and call their issuers to question these charges.
Sometimes they’re just looking for more information, but other times they skip right to demanding chargebacks because they’re quite sure these purchases aren’t theirs and that they’ve been victims of fraud. But Johan Gerber, Mastercard’s executive vice president of security and cyber innovation, told Karen Webster in a recent conversation that too often consumers are dealing with merchants they did shop with, but whose names showed up funny on credit card statements and weren’t immediately recognizable.
“All of this confusion leads to a really big chunk of chargebacks,” Gerber said. “By 2021, we’re looking already at a cost of $8.6 billion