Mastercard Reason Code 4862: Counterfeit Transaction Magnetic Stripe POS Fraud
The merchant failed to compare the first four digits of the account number on the front of the card with the pre-printed digits below or the account number above, or obtained an authorization without the transmission of magnetic stripe.
The bank received a written complaint from the customer claiming that he did not authorize or participate in the transaction. In other words, the transaction was made with a forged credit card.
Buyer refused any participation or authorization in such transaction and claims his card is misused without his permission.
Most Common Causes
- Failed to compare the first four digits of the account number on the front of the card with the digits printed below or above the account number.
- Did not record the digits printed below or above the card on transaction receipt
- Accepted a chip card, but processed the payment as a retreat transaction, via swipe, key-entry, or did not follow exercisable acceptance mechanics, or paper voucher.
- Received an authority approval without transmitting all expected data.
- If the card was swiped and transaction authorized at the point of sell out, provide your acquirer with a copy of the printed sales acknowledgment.
- If the transaction was false, accept the chargeback.
- Cardholder later denies authorization or participation in the transaction.
- This chargeback may be reversed by providing an imprinted or swiped sales draft signed by the cardholder along with any other information connected to this transaction or proof that a credit came out.
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- Linda went shopping with her friends on a long weekend holiday. The next day she checks her account to see how much she spent, but is left startled to see an unknown charge on her account. She contacts the merchant, but the merchant couldn’t help her remember the charge on which she thinks that her card has been forged and therefore files for a chargeback under the Reason Code 4862: Counterfeit Transaction Magnetic Stripe POS Fraud.
- George goes to pharmacy store and swipes his card for the purchase. Unfortunately, his magnetic Stripe doesn’t work so the cashier enters his details and authorizes payment, however, he forgets to take the imprints of the customer and lets him leave. George realizes the mistake of the cashier and tries to make an advantage to gain the money back by disputing the charge under the Reason Code 4862: Counterfeit Transaction Magnetic Stripe POS Fraud.
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