- Fraud is when a third party attempts a transaction not authorized by the cardholder. Those unauthorized attempts are typically made with a lost, stolen or counterfeit card or with stolen account information.
- J.P. Morgan Commercial Card employs preventative practices to help identify fraud, notify and support cardholders. It is the cardholder’s responsibility to review statements, respond to any alerts, and raise concerns within 60 days of transaction post date.
Fraud is on the rise. There has been a 600% increase in cybercrime due to the ongoing COVID-19 pandemic1 . It’s now more important than ever to educate your organization on how to identify, report and manage fraud.
- Fraud must be reported within 60 days of transaction post date.
- Cardholders and Program Administrators can report suspected fraud by calling the number on the back of their card (Program Administrators can also contact their J.P. Morgan Program Coordinator directly).
- Account holder confirms transaction was unauthorized.
- Within 5 days of reported fraud, the account holder’s case is open, the investigation is underway and provisional credits are applied to the account.
- The chargeback lifecycle is governed by Mastercard & Visa. J.P. Morgan processes chargebacks with the Network (Mastercard/Visa) directly. Merchants have 30 - 45 days for rebuttal.
- The typical resolution lifecycle could be 120 days after initial report. For efficient resolution, it is imperative the account holder is responsive to J.P. Morgan correspondence via phone and/or email.
- J.P. Morgan will communicate in cases where the final outcome is not within the accountholder’s favor, and a rebill of the provisional credit will occur.
J.P. Morgan is here to help with preventative fraud solutions, including fraud alerts for commercial cardholders to easily identify fraud and minimize potential loss.
Visit ccportal.jpmorgan.com to enroll in mobile and email alerts today and encourage other cardholders to do the same.
References
1.
2020 AFP Payments Fraud and Control Survey Report
