I have been conducting business on-line for 19 YEARS and We have not had as much attempts at Fraud in those 19 years as we have in the past week.
I have no Idea what to do.
If We ship out the orders and they are fraud, we lose our product and the money from that order will be refunded to the REAL Card holder (so far in the past week it's been over $10,000 in orders) If they are REAL orders, and we don't ship the products to them, well, we have just lost a Good Customer.
It's a lose-lose for us.
All of these transactions are getting approved from the card processing company with street, zip, and CVV Codes. Which tells Me as a business That this a a good sale and this will be My Money, only to find out later it's Fraud and It's NOT My money.
What protection is there for Merchants? NONE!
Has anyone else had this problem and come up with a solution? I REALLY need to get this figured out ASAP before it crumbles what I have built up over the last 19 years.
I would LOVE to hear any suggestions anyone may have.
Oh and PS, I Use Authorize.net for my website Credit card processing.