#Binance

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Fifth: Preventing fraud

Cryptocurrency's contribution to preventing fraud

Online businesses face many problems with their reliance on credit cards to complete payment operations, especially with the problem of chargeback fraud, which occurs when fraudsters cancel or reverse payment for a product after they have obtained and used the product. This has caused a lot of harm to businesses, which Potentially resulting in significant losses to the company in the long run, it must be noted that this type of fraud can only work in transactions involving fiat currencies and credit cards.

So, what about cryptocurrencies?

This is another way cryptocurrency can help businesses maximize their profits and it is a huge benefit. Cryptocurrencies make a company immune to this type of fraud because they are immutable, and it is impossible to reverse all payments already recorded on the blockchain, so once... The customer pays, the payment will be permanent, and if he wants to recover the money, he must communicate directly with those responsible for the business activity.