So this oke I know has an online store and someone used a stolen / fraudulent credit card to buy stuff last month. The bank picked it up and did what they call a "charge back" and took the money out of his account. Now whats the norm here. He has a SSL certificate on his site as well as merchant account that when the card details are processed it goes directly to the banks card verification system.
Obviously the card was valid and had funds otherwise the merchant software / bank would have rejected the transaction. Now surely it is not the vendors problem that a credit card was stolen and not reported? Why must he now take the knock for this? Doesn't seem fair.
If Takealot have someone use a stolen or fraudulent card surely Takealot don't have to now pay the bank the funds?