Gold, Silver and small Antiques are making a profitable target for card-not-present fraudsters.CREDIT card fraud affecting auction houses and dealers is on the increase all over the country, say the police.
These frauds target gold, silver and small antiques. These are ideal targets that can be easily traded and turned into cash. This fraud breaks down into a few elements, a stolen card of course and also a 'rented' address where the fraudster will often stand outside a known empty property.
This dealer 'sold' a c.1875 four-barrelled Derringer pistol for £1100 only for to receive a dreaded chargeback from his card terminal. An expensive mistake I am sure for a small dealer. Although he could have had more fraud protection, he also should have considered other payment means like a bank transfer for such a large amount and waiting a couple of days to clear. These should be clearly laid out in T's&C's afterall in antiques, what is the rush?