Fraud

What type of fraud issues has Pay1st observed in the past? What are the guardrails in place to limit and prevent fraud?

On rare occasions, the following types of fraud have been employed: :

• Account theft
• Identify theft
• Hijacking of social media accounts

These types of fraud are primarily related to account and user information security, which Pay1st  safeguards against with strong password policies and identity / mobile number verification.

On Carry1st Shop, users can sign in using Facebook, Google, or Apple accounts. Though Pay1st cannot directly oversee user security through third-party accounts, Carry1st recommends the same security policies when utilizing third-party sign-in methods as the ones in Carry1st Shop.

How does Pay1st process Chargebacks?

Pay1st goes through the following steps when it comes to chargebacks:

1. The pay1st payment method alerts us if there is a chargeback notification.
2. Pay1st Customer Service (CS) team will contact the customer and substantiate the reason for the chargeback.
3. CS will remedy the issue by either (a) getting the customer to drop the chargeback or (b) providing evidence that the service was delivered.
4. For risk mitigation, CS will verify the customer with KYC requests. They will ask the customer to sign a waiver stipulating they are aware of the transaction and obtain front and back copies of the card, where possible.
5. In the case of clear fraud, the company will:
   1. Block the user's BIN
   2. Block the user's email, IP, and cookie ID, if necessary
6. Carry1st will then follow up with the payment partner to inform them of the dispute's status.

How does Pay1st disable payment methods if fraud is observed on the platform? Are there any other signals that Pay1st generates to flag these?

Pay1st can instantly remove payment methods on a product item level if high fraud levels are observed. Pay1st also actively screens transactions to monitor for any suspicious activity: