Fraud, Disputer and Chargeback Policies

Fraud, Dispute and Chargeback Policies

1. Introduction

We at BigShyft Technologies Inc (“BigShyft”,“we”, “us”, or “our”) is committed to ensuring the highest standards of security and compliance in processing payments. This policy outlines the procedures and measures in place to manage fraud, disputes, and chargebacks effectively. It applies to all transactions processed through our platform.

Please read the following carefully to understand our views and practices regarding fraud, dispute and chargeback and how we will treat it.

2.Fraud Prevention

To protect both our users and our platform, BigShyft employs a comprehensive fraud prevention strategy. This includes rigorous user verification, recipient screening, transaction monitoring, and user education. Below are the specific measures we take to prevent fraud:

2.1. Electronic Know Your Customer (eKYC) Process

We require all users to complete a detailed KYC process before accessing our services to ensure that their identity is verified and that they meet our compliance requirements.

All users must undergo a thorough KYC process before being allowed to make payments. This includes identity verification through government-issued ID, proof of address, and any additional documentation required by regulatory authorities.
Continuous monitoring of user accounts for any suspicious activity, including frequent changes to personal details, high transaction volumes, or unusual payment patterns.
Implementation of multi-factor authentication (MFA) for account access and transaction confirmations.

2.2. Recipient Profile Screening

To further safeguard against fraudulent transactions, we screen all recipients using a global database to identify any high-risk entities or individuals.

As part of our fraud prevention measures, BigShyft will screen all recipients using World-Check, a global database that helps identify individuals and entities involved in high-risk activities such as money laundering, terrorism, and financial crime.
Any recipient flagged during this screening will be subject to additional scrutiny, and the transaction may be delayed or canceled depending on the results.

2.3. Transaction Monitoring

Our platform uses advanced technology to monitor all transactions in real-time, enabling us to detect and act on any suspicious activities immediately.

All transactions are monitored idaily to detect and flag suspicious activities.
Any flagged transaction is subject to immediate review by our fraud detection team before being processed.
Regular audits of transaction logs to identify any potential fraudulent activities or breaches.

2.4. User Education

We believe that an informed user is a key component in preventing fraud. Therefore, we take steps to educate our users on best practices and how to protect themselves.

Educating users on the importance of protecting their account information and recognizing phishing or fraud attempts.
Providing resources on how to securely use our platform and avoid scams.

3. Dispute Resolution

In the event that a user encounters an issue with a transaction, BigShyft Technologies Inc. has a structured dispute resolution process. This ensures that disputes are handled fairly, efficiently, and transparently. Here’s how we manage disputes:

3.1. Filling a Dispute

Users who believe that a transaction was incorrect or unauthorized can initiate a dispute within a set timeframe. The process for filing a dispute is straightforward and user-friendly.

Users may file a dispute within 30 days of the transaction date if they believe a transaction was unauthorized, incorrect, or if the services rendered were not as expected.
Disputes must be filed through the BigShyft Technologies Inc. platform, providing detailed information on the transaction in question and any supporting evidence.

3.2. Dispute Investigation

Once a dispute is filed, our team promptly begins a thorough investigation to determine the validity of the claim.

Upon receipt of a dispute, BigShyft Technologies Inc. will acknowledge the dispute within 24 hours.
The dispute will be investigated thoroughly, including reviewing transaction logs, communication records, and any relevant documentation.
Users will be informed of the outcome of the investigation within 7-10 business days.

3.3. Dispute Resolution

Depending on the findings of our investigation, we take appropriate action to resolve the dispute. This could involve reversing the transaction, issuing a refund, or taking other corrective measures.

If the dispute is found to be valid, BigShyft Technologies Inc. will take appropriate action, including reversing the transaction, issuing a refund, or taking corrective measures.
If the dispute is found to be invalid, the user will be notified, and the transaction will stand as processed.

4. Chargeback Management

Chargebacks can have significant financial and reputational impacts. BigShyft is proactive in preventing chargebacks and managing them effectively when they do occur. Below is our approach to chargeback management:

4.1. Understanding Chargebacks

A chargeback is a reversal of a credit card transaction that can occur for various reasons, including fraud or dissatisfaction with the service. Understanding the nature of chargebacks is essential for managing them.

A chargeback occurs when a cardholder disputes a transaction with their credit card issuer, and the issuer reverses the payment.
Chargebacks can occur due to fraud, processing errors, or dissatisfaction with the service provided.

4.2. Preventing Chargebacks

We implement several preventive measures to reduce the likelihood of chargebacks, including clear communication with users and accurate transaction documentation.

Clear communication of service terms, fees, and expectations to users during the registration and payment process.
Providing detailed and accurate transaction information on user statements to reduce confusion and potential disputes.
Prompt resolution of disputes to prevent escalation to chargebacks.

4.3. Responding to Chargebacks

When a chargeback occurs, our team works diligently to gather evidence and respond to the credit card issuer to dispute any invalid claims.

Upon notification of a chargeback, BigShyft Technologies Inc. will gather all relevant transaction data and documentation to respond effectively.
The chargeback team will review the case, submit a rebuttal to the credit card issuer if necessary, and provide evidence supporting the legitimacy of the transaction.
Users will be kept informed throughout the process, and any chargeback fees or penalties will be communicated transparently.

4.4. Chargeback Fees

Users are responsible for any fees associated with chargebacks. Excessive chargebacks can result in account suspension or termination.

Users are responsible for any fees associated with chargebacks, including but not limited to, administrative fees imposed by the payment gateway or financial institutions.
BigShyft Technologies Inc. reserves the right to suspend or terminate accounts with excessive chargebacks.

5. Policy Enforcement and Review

To ensure that our policies remain effective and up to date, BigShyft Technologies Inc. regularly reviews and enforces this policy. Non-compliance may result in severe consequences.

6. Contact Information

For any inquiries or issues related to this policy, users can contact our support team at custsvc@bigshyft.tech.