ID Theft

I have a retail business and have had a customer use fruadulent credit. what protection do I have to not lose.

The customer used many different cards. I suspected him of fraud and informed the bank. They told me not to worry. Now they have come back to me a week later and after more transactions and said it was fraud and they want the money off me. It seems unfair that I should lose up to 30,000 pounds when I told them my suspicions and they told me not to worry. I would like to know how I can prevent the bank from taking all the money off me. The ttransactions were done mainly by phone.

Public Comments

1. Yeah they screwed you... Call visa, mastercard, etc whatever cards you take, then ask them to get a merchant number, from there you can authorize them with your number and make sure they are ok :) take care bud, get a lawyer and sue that bogus bank my friend!
2. If you got a conformation from the bank each time you swiped his card then you are not reasonable to pay any money back. the bank doesn't care there out the money and want to get it back some how. I would speak to a lawyer if they persist.
3. Unfortunately you cannot. Your gut told you that something was wrong, you should have gone with that feeling. What will basically happen is the issuing bank will refund the money to the consumer. The issuing bank will then go to the acquiring bank to get their money back. And the acquiring bank back will then get the money. If you have any documentation who you spoke with etc - you might send that back. But chances are slim to none that you will be able to fight this. I would seriously considered also refunded the money immediately - to save you money on chargeback fees.