Attention Online Merchants – New Lawsuit Against Visa!!!

[kns]

This was referred by someone...


Attention Online Merchants – New Lawsuit Against Visa!!!
Does anyone have any information about this? A lawsuit has been filed and I’m trying to learn more about it. Online merchants might be getting ripped off through inflated credit card chargebacks.

Here’s how it goes:

First, online merchants are defrauded by foreign buyers using stolen credit card numbers. When the real cardholder reports the fraud, VISA and other credit card companies may be using the wrong foreign-currency exchange rates to perform the chargeback. If VISA uses a higher rate of exchange, THEN THE MERCHANT LOSES SERIOUS MONEY!!!

Visit chargebackdispute [dot com] if you’re interested in learning more. Merchants who have fallen victim to this possible scheme may be eligible for compensation.

[vangogh]

First I'm hearing of this. Wouldn't surprise me if it's true as I expect most credit card companies are always looking to swing things in their favor to make extra money at their customer's expense. On the other hand it wouldn't surprise me if this isn't anything that really affects most merchants and is more about a handful of people looking for a loophole in the law to sue a large company.

[Harold Mansfield]

Being that CC companies are shady in the first place, and have basically unregulated rein, it would surprise me one bit.