History
Friendly fraud has been widespread on the internet, affecting both the sale of physical products and digital transactions. To combat digital transaction fraud, prepaid cards have been offered as an effective alternative to ensure customer payment. South Korean software developers such as Nexon implemented a prepaid system in 2007 to combat friendly fraud, selling prepaid cards in stores such as Target.
MasterCard was sued in 2003 by an internet vendor for having credit card policies and fees that have made internet vendors especially vulnerable targets of friendly fraud. Internet vendors typically have to pay much of the losses when a fraudulent transaction like friendly fraud occurs.
Read more about this topic: Friendly Fraud
Famous quotes containing the word history:
“Jesus Christ belonged to the true race of the prophets. He saw with an open eye the mystery of the soul. Drawn by its severe harmony, ravished with its beauty, he lived in it, and had his being there. Alone in all history he estimated the greatness of man.”
—Ralph Waldo Emerson (1803–1882)
“All objects, all phases of culture are alive. They have voices. They speak of their history and interrelatedness. And they are all talking at once!”
—Camille Paglia (b. 1947)
“No one is ahead of his time, it is only that the particular variety of creating his time is the one that his contemporaries who are also creating their own time refuse to accept.... For a very long time everybody refuses and then almost without a pause almost everybody accepts. In the history of the refused in the arts and literature the rapidity of the change is always startling.”
—Gertrude Stein (1874–1946)