CHARGEBACK INSURANCE Bachelor of commerce Banking and insurance Semester VI (2008-2009)

Submitted by Amrin Anwar Fodkar Roll no: 106.08

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S.I.E.S (Nerul) COLLEGE OF ARTS, SCIENCE &COMMERCE Plot 1-c sector V, Nerul, Navi Mumbai-400 076

CHARGEBACK INSURANCE Bachelor of commerce Banking and insurance Semester VI Submitted In Partial Fulfilment of the requirements For the Award of Degree of Bachelor of Commerce-Banking & Insurance By Amrin Anwar Fodkar Roll no 106.08

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S.I.E.S (Nerul) COLLEGE OF ARTS, SCIENCE &COMMERCE Plot 1-c sector V, Nerul, Navi Mumbai-400 076

S.I.E.S(Nerul) COLLEGE OF ARTS,SCIENCE & COMMERCE Plot 1-c sector V, Nerul, Navi Mumbai-400 076 CERTIFICATE This is to certify that Miss. Amrin.A.Fodkar of B.Com Banking and Insurance Semester VI (200809) has successfully completed the project on CHARGEBACK INSURANCE under the guidance of Mr. PRAKASH.

Course Co-ordinator Project guide/Internal Examiner External examiner

Principal

DECLARATION

I Amrin.A.Fodkar the student of B.com Banking & Insurance Semester VI (2008-09) hereby declare that I have completed the project on CHARGEBACK INSURANCE. The information submitted is true and original to the best of my knowledge.

Signature Amrin.A.Fodkar Roll no: 106.08

CHARGEBACK INSURANCE

ACKNOWLEDGE
T h i s p r o j e c t w o u l d n o t h a v e b e e n p o s s i b l e w i t h ou t t h e s u p p o r t o f m a n y p e op l e . I w o u l d l i k e t o t h a n k o u r p r o f e s s o r M r . P r a k a s h f o r b e i n g m y i n t e r n a l g u i d e an d f o r great support I would also like to thanks our college l i b r a r y f o r p r o v i d i n g b o o k s f o r t h i s p r oj e c t w i t h h e l p o f t h e s e p e o p l e I w a s i n a p o s i t i on t o c o m p l e t e t h i s p r o j e c t . T h e w h o l e e x p e r i e n c e w a s a r e w a r d i n g on e e s p e c i a l l y i n terms of knowledge and information.

SUMMARY:
It gives me immerse pleasure of presenting my project. The project is according to the information collected by me through the various sites and o t h er sourse like b o o k s , m a g a z i n e e t c . T h i s p r oj e c t g i v e s a b r i e f k n o w l e d g e o n my topic CHARGEBACK INSURANCE For the first time in India, Standard Chartered and TATA AIG General.Insurance Company Ltd and various other overseas companies bring to you a service which guarantees you against credit card fraud!. This service solves the problem of an individuals responsibility for late realization of her/his credit card loss. Presently, if somebody steals your credit card and you realize it late, you are bound to pay for the delay in reporting. However, this service has not only identified this problem, but solved it altogether. Now, a credit card customer is insured against any expenditure on his lost credit card made12 hours prior to reporting the loss. We would learn more about this insurance in this project.

RESEARCH: Research is conducted in two ways: Secoundary research Primary research The information which is collected by visitings banks or institutions or under the guide of any person is primary research. The information which is collected by reference of books and through internet sites is secoundary research. In this project I have use the secoundary source to collect information on this topic I have done my best to provide as much information I have got through websites and books and also through my project guide. Through chargeback insurance is not a vast topic I havent use the primary source as I got enough information through secoundary research.

INDEX:
1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. INTRODUCTION OF INSURANCE HISTORY OF INSURANCE PRINCIPLE OF INSURANCE INTRODUCTION:WHAT IS CHARGEBACK REASONS FOR CHARGEBACK FINALLY AN INSURANCE AGAINST CHARGEBACK CHARGEBACK INSURANCE MERCHANT CHARGEBACK INSURANCE CREDIT CARD FRAUD THE CHARGEBACK PROCESS C H A R G E B A C K I N S U R A N C E C O MP A N Y : O M A N I N S U R A N C E C O MP A N Y FACTS OF CHARGEBACK INSURANCE ON MERCHANT ACCOUNTS CHARGEBACK INSURANCE ON PAYPAL GOOD PAYMENT PROCESS:CHARGEBACK INSURANCE CASE STUDY ON CHARGEBACK CONCLUSION

CHAPTER 1: AN INTRODUCTION TO AN INSURANCE

Insurance is a cover used for protecting oneself from the risk of a financial loss. It is important to understand that risk is a part of any persons life and that it increases as a person increases in age, responsibility and wealth. Insurance is risk coverage against financial losses and should not be taken as an investment instrument. There are mainly two parties involved in this the insurer and the insured. The insurer is the insurance company who will provide the cover to the insured against any financial losses. The insured may be an individual person or a group of people like an employer, members of a society, etc. A policy is the contract between the insurer and the insured, which states the risks covered, the exclusions, if any, and the benefits reimbursed on the happening of an event like death, illness etc. The policy is paid through what is called a premium, which is a set amount that must be paid by the insured on a monthly, semi-annual or annual basis. On the happening of an event like death, disability, fire, etc, for which the insured is covered, the benefit amount stated in the policy contract can be claimed by the insured. The options for purchasing Insurance are plentiful with choices ranging from choosing the Insurance Company, searching for an agent, deciding on the deductible, amount of coverage, beneficiaries and dependent coverage. Once you have a child the offers start pouring in on insuring your new arrival. Does the child need a policy or can he or she be added to an existing policy? For couples planning on marrying they need to decide which Employer offers the best coverage. When you merge your belongings into one

household as cohabitants the need for a renters policy, if one is not already in place, becomes an issue. When settling into your new residence immediately start photographing the big-ticket items, and create a notebook recording the model and serial numbers. I prefer Analysis Pads that have columns for easy record keeping. You can also keep this data on the owners manual with all manuals in one location for easy access.

Several months ago my home was burglarized. I received from the Police at victim supplemental property loss.The categories on this report include quantity, article, serial number, brand, model number, miscellaneous description color, size, etc. and fair dollar value. I have been renting for seven years a house that is a duplex and was not insured. I now have Renters and earthquake insurance.

I learned while serving on a jury this summer that a robbery occurs with force while a burglary is the unlawful entry of premises. It was alarming to learn the number of members on the jury panel that answered yes to being a victim of a crime. Not one of these crimes ended with the capture of the culprit. This is another reason why insuring ones property is a must in this dayandage. When a family member turns 15 or 16 in most states they are eager to obtain a drivers license or student permit. A few months before this event takes place the family needs to look over their automobile policy and make changes to the coverage to cover the additional driver in their household. On some policies when a child turns the legal age of eighteen they may no

longer qualify to be on their parents insurance policy. If the graduate is going onto college the health and auto policies need to be consulted to determine coverage options.

With many Insurance companies you have the option of paying the entire premium in one payment, or make monthly payments. You can have the payments deducted from your checking account or pay at your agents office, mail in a check to the company or use their automated telephone system and perhaps even pay online. Classification of insurance There are mainly two broad classes of Insurance Life and Non Life.

Life insurance products include Term Life policies, which give a pure risk coverage of only the death benefit, whereas endowment or money back policies have a risk as well as savings component i.e. death as well as maturity benefit. Also coming under the life insurance umbrella are the Unit Linked Policies in which there is a risk component and a savings component, which is invested in equity, debt or gilt funds, depending on the insurance company. Non Life insurance products include property or casualty, health insurance or house, fire, marine insurance etc. This insurance class deals with all the non-life aspects of an insured like his/her house, health, land, office, cargo, etc which might bring financial loss.

WHY IS AN INSURANCE NECESSARY?

The question contains the answer within itself. After all, life is fraught with tensions and apprehensions regarding the future and what it holds for the individual. Despite all the planning and preparation one might make, no one can accurately guarantee or predict how or when death might result and the circumstances that might ensue in its aftermath. We are not saying that life and existence are constantly fraught with danger and uncertainty. But then it is essential that you plan for the future. The chances for a fatality or an injury to occur to the average individual may not be particularly high but then no one can really afford to completely disregard his or her future and what it holds. People generally regard insurance as a scheme when and where you have to lose a lot to gain a little. Nevertheless, insurance is still the most reliable tool an individual can use to plan for his future.

CHAPTER2: HISTORY OF INSURANCE IN INDIA:

Insurance in India has its history dating back till 1818, when Oriental Life Insurance Company was started by Europeans in Kolkata to cater to the needs of European community. Pre-independent era in India saw discrimination among the life of foreigners and Indians with higher premiums being charged for the latter. It was only in the year 1870, Bombay Mutual Life Assurance Society, the first Indian insurance company covered Indian lives at normal rates. At the dawn of the twentieth century, insurance companies started mushrooming up. In the year 1912, the Life Insurance Companies Act, and the Provident Fund Act were passed to regulate the insurance business. The Life Insurance Companies Act, 1912 made it necessary that the premium rate tables and periodical valuations of companies should be certified by an actuary. However, the disparage still existed as discrimination between Indian and foreign companies. The oldest existing insurance company in India is National Insurance Company Ltd, which was founded in 1906 and is doing business even today. The Insurance industry earlier consisted of only two state insurers: Life Insurers i.e. Life Insurance Corporation of India (LIC) and General Insurers i.e. General Insurance Corporation of India (GIC). GIC had four subsidiary companies. With effect from December 2000, these subsidiaries have been de-linked from parent company and made as independent insurance companies: Oriental Insurance Company Limited, New India Assurance Company Limited, National Insurance Company Limited and United India Insurance Company Limited.

Related Acts The insurance sector went through a full circle of phases from being unregulated to completely regulated and then currently being partly deregulated. It is governed by a number of acts, with the first one being the Insurance Act, 1938. The Insurance Act, 1938 The Insurance Act, 1938 was the first legislation governing all forms of insurance to provide strict state control over insurance business. Life Insurance Corporation Act, 1956 Even though the first legislation was enacted in 1938, it was only in 19 January 1956, that life insurance in India was completely nationalized, through a Government ordinance; the Life Insurance Corporation Act, 1956 effective from 1.9.1956 was enancted in the same year to, inter-alia, form LIFE INSURANCE CORPORATION after nationalization of the 245 companies into one entity. There were 245 insurance companies of both Indian and foreign origin in 1956. Nationalization was accomplished by the govt. acquisition of the management of the companies. The Life Insurance Corporation of India was created on 1 September, 1956, as a result and has grown to be the largest insurance company in India as of 2006. General Insurance Business (Nationalisation) Act, 1972 The General Insurance Business (Nationalisation) Act, 1972 was enacted to nationalise the 100 odd general insurance companies and subsequently merging them into four companies. All the companies were amalgamated

into National Insurance, New India Assurance, Oriental Insurance, United India Insurance which were headquartered in each of the four metropolitan cities. Insurance Regulatory and Development Authority (IRDA) Act, 1999 Till 1999, there were not any private insurance companies in Indian insurance sector. The Govt. of India, then introduced the Insurance Regulatory and Development Authority Act in 1999, thereby de-regulating the insurance sector and allowing private companies into the insurance. Further, foreign investment was also allowed and capped at 26% holding in the Indian insurance companies. In recent years many private players entered in the Insurance sector of India. Companies with equal strength competing in the Indian insurance market. Currently, in India only 2 million people (0.2 % of total population of 1 billion), are covered under Mediclaim, whereas in developed nations like USA about 75 % of the total population are covered under some insurance scheme. With more and more private players in the sector this scenario may change at a rapid pace. Existing Insurance Companies/Corporations 1. Bajaj Allianz Life Insurance Company Limited 2. Birla Sun Life Insurance Co. Ltd 3. HDFC Standard Life Insurance Co. Ltd 4. ICICI Prudential Life Insurance Co. Ltd. 5. ING Vysya Life Insurance Company Ltd.

6. Life Insurance Corporation of India 7. Max New York Life Insurance Co. Ltd 8. Met Life India Insurance Company Ltd. 9. Kotak Mahindra Old Mutual Life Insurance Limited 10.SBI Life Insurance Co. Ltd 11.Tata AIG Life Insurance Company Limited 12.Reliance Life Insurance Company Limited. 13.Aviva Life Insurance Co. India Pvt. Ltd. 14.Sahara India Life Insurance Co, Ltd. 15.Shriram Life Insurance Co, Ltd. 16.Bharti AXA Life Insurance Company Ltd. 17.Future Generali Life Insurance Company Ltd. 18.IDBI Fortis Life Insurance Company Ltd. 19.Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd 20.AEGON Religare Life Insurance Company Limited. 21.DLF Pramerica Life Insurance Co. Ltd.

CHAPTER 3: PRINCIPLES OF INSURANCE:

Commercially insurable risks typically share seven common characteristics. A large number of homogeneous exposure units. The vast majority of insurance policies are provided for individual members of very large classes. Automobile insurance, for example, covered about 175 million automobiles in the United States in 2004. The existence of a large number of homogeneous exposure units allows insurers to benefit from the so-called law of large numbers, which in effect states that as the number of exposure units increases, the actual results are increasingly likely to become close to expected results. There are exceptions to this criterion. Lloyd's of London is famous for insuring the life or health of actors, actresses and sports figures. Satellite Launch insurance covers events that are infrequent. Large commercial property policies may insure exceptional properties for which there are no homogeneous exposure units. Despite failing on this criterion, many exposures like these are generally considered to be insurable.
1. Definite Loss. The event that gives rise to the loss that is subject to the

insured, at least in principle, take place at a known time, in a known place, and from a known cause. The classic example is death of an insured person on a life insurance policy. Fire, automobile accidents, and worker injuries may all easily meet this criterion. Other types of losses may only be definite in theory. Occupational disease, for instance, may involve prolonged exposure to injurious conditions where no specific time, place or cause is identifiable. Ideally, the time, place and cause of a loss should be clear enough that a reasonable person, with sufficient information, could objectively verify all three elements.

2. Accidental Loss. The event that constitutes the trigger of a claim

should be fortuitous, or at least outside the control of the beneficiary of the insurance. The loss should be pure, in the sense that it results from an event for which there is only the opportunity for cost. Events that contain speculative elements, such as ordinary business risks, are generally not considered insurable.
3. Large Loss. The size of the loss must be meaningful from the

perspective of the insured. Insurance premiums need to cover both the expected cost of losses, plus the cost of issuing and administering the policy, adjusting losses, and supplying the capital needed to reasonably assure that the insurer will be able to pay claims. For small losses these latter costs may be several times the size of the expected cost of losses. There is little point in paying such costs unless the protection offered has real value to a buyer.
4. Affordable Premium. If the likelihood of an insured event is so high,

or the cost of the event so large, that the resulting premium is large relative to the amount of protection offered, it is not likely that anyone will buy insurance, even if on offer. Further, as the accounting profession formally recognizes in financial accounting standards, the premium cannot be so large that there is not a reasonable chance of a significant loss to the insurer. If there is no such chance of loss, the transaction may have the form of insurance, but not the substance.
5. Calculable Loss. There are two elements that must be at least

estimable, if not formally calculable: the probability of loss, and the attendant cost. Probability of loss is generally an empirical exercise, while cost has more to do with the ability of a reasonable person in possession of a copy of the insurance policy and a proof of loss

associated with a claim presented under that policy to make a reasonably definite and objective evaluation of the amount of the loss recoverable as a result of the claim.
6. Limited risk of catastrophically large losses. The essential risk is

often aggregation. If the same event can cause losses to numerous policyholders of the same insurer, the ability of that insurer to issue policies becomes constrained, not by factors surrounding the individual characteristics of a given policyholder, but by the factors surrounding the sum of all policyholders so exposed. Typically, insurers prefer to limit their exposure to a loss from a single event to some small portion of their capital base, on the order of 5 percent. Where the loss can be aggregated, or an individual policy could produce exceptionally large claims, the capital constraint will restrict an insurer's appetite for additional policyholders. The classic example is earthquake insurance, where the ability of an underwriter to issue a new policy depends on the number and size of the policies that it has already underwritten. Wind insurance in hurricane zones, particularly along coast lines, is another example of this phenomenon. In extreme cases, the aggregation can affect the entire industry, since the combined capital of insurers and reinsurers can be small compared to the needs of potential policyholders in areas exposed to aggregation risk.

CHAPTER 4 INTRODUCTION: WHAT IS CHARGEBACK?

A chargeback is a reversal of a payment card transaction initiated by the consumer who holds the card or the bank that issued the card used in the purchase. This differs from a refund or "credit," which is agreed to and initiated by the merchant at the point-of-sale. A chargeback usually occurs when a consumer files a dispute with their bank or credit/debit card provider. This can happen when a consumer discovers fraudulent or improper transactions on their card statement or online account view. Consumers in the U.S. who use credit cards are afforded chargeback rights under Federal Reserve Regulation Z, which is made possible by the Truth in Lending Act. U.S. debit card holders are guaranteed similar rights under Federal Reserve Regulation E, which is made possible by the Electronic Funds Transfer Act. Card networks enforce chargeback rights globally through their network rules and regulations. The card issuing bank will investigate disputes, and will "charge back" the value of the original transaction directly from the merchant's acquiring bank, which is obligated under card network rules to pay the card issuer. The merchant's acquirer will then attempt to recover an equal value of the chargeback plus a processing fee from the merchant's bank account. Chargebacks are typically passed on to the merchant as a matter of acquirer policy unless the merchant can prove the transaction was legitimate, or goods and services have been rendered to a customer claiming otherwise.

Sometimes the consumer dispute is untrue, and their refund claim gets denied. In these situations, the merchant will sometimes still be charged processing fees. In cases of credit card fraud, the merchant loses the goods or services sold, the payment, the fees for processing the payment, any currency conversion commissions, and the chargeback processing fee. For obvious reasons, many merchants take steps to avoid chargebackssuch as not accepting suspicious transactions. This may spawn collateral damage, where the merchant additionally loses legitimate sales by incorrectly blocking legitimate transactions. There are other forms of credit reversals that may also be referred to as chargebacks listed below. A retrieval request is a "pre-chargeback" and a request for a merchant's documentation of the transaction in question. Retrievals may also incur a fee. Some providers charge $10$50 and others do not refund this.

CHAPTER 5: REASONS OF CHARGEBACK:

Most chargebacks are initiated by the cardholder, who may contact his/her card issuing bank regarding an inconsistency in his/her monthly credit card statement. This begins the dispute process that may eventually lead to a chargeback, and a reinstatement of credit to the cardholder's account. One of the most common reasons for a chargeback is known as a fraudulent transaction. A credit card is used without the consent or proper authorization of the card holder. In some cases, a merchant is responsible for charges fraudulently imposed on a customer. Mostly, fraudulent card transactions originate with criminals who gain access to secure payment card data and set up schemes to exploit those data. Chargebacks can also result from a customer dispute over credit. This type of chargeback is usually described as credit not processed. A customer may have returned merchandise to a merchant in return for credit, but credit was never posted to the account. In this example, the merchant is responsible for issuing credit to its customer, and would be charged back. Other types of chargebacks are related to technical problems between the merchant and the issuing bank, whereby a customer was charged twice for a single transaction (duplicate processing) or other various mistakes. Yet other chargebacks are related to the authorization process of a credit card transaction, for example, if a transaction is declined by its issuing bank and the account is still charged.

Another reason for chargebacks is when a customer does not receive the item they paid for. In this case, a chargeback is initiated and the payment to the merchant is reversed. List of reasons for a chargeback:

Card holder requests a copy of the transaction receipt. Card holder did not authorize the transaction. Non-matching account number. Transaction was processed more than once. Transaction receipt was not imprinted. Refund not processed. No authorization. Customer never received merchandise/services. Card not used within valid expiration date. Services not rendered. Error in transaction amount. Transaction receipt is incorrect, incomplete, or illegible. Transaction processed for incorrect amount. Product different from what was described or promised. Counterfeit transaction. Transaction not processed within Visa or MasterCard time frames. Failure to obtain card-holder signature. Signature on the card was blank. Signature on receipt different from card. Card-holder claims merchant changed transaction amount without permission. Merchant knowingly participated in a fraudulent transaction.

Incorrect Transaction Date. Card-holder claims invalid mail or telephone order transaction. Card-holder was denied ability to return item. Transaction was not canceled successfully. Card-holder not satisfied with quality of product or services. Debit-card holder's bank initially approves a transaction, but subsequently returns the charge due to non-sufficient funds, an account closure, or the bank "locking" the card due to a subsequent unauthorized use, loss or theft of the card, or multiple unsuccessful attempts to use it at an ATM. Buyer's remorse Buyer initiating a false chargeback after receiving goods or services; this is considered fraud.

Handling chargebacks A merchant is billed for chargebacks as they occur, along with other fees and settlements associated with credit card acceptance. Because a merchant may be charged back in error, and because chargebacks may often involve complicated customer disputes, a chargeback may be appealed by the merchant. This process varies by credit card. If the chargeback is found to have been in error, the transaction will be "re-presented" and the merchant will be granted a reversal. Thieves occasionally abuse the chargeback system. For example, in a "Friendly Fraud", an unscrupulous customer will make a purchase over the Internet with his own credit card and then issue a chargeback once the

product or service is received. In such cases merchants can have difficulty recovering payment. Chargeback processing (handling) is complex as a result of frequent rule changes by the major credit card companies (MasterCard, Visa, American Express, etc.). There is an emerging market for business software that simplifies the chargeback process as well as separate chargeback processing services. It is possible for the chargeback and associated fee to cause an overdraft or leave insufficient funds to cover a subsequent withdrawal or debit from the merchant's account that received the chargeback. This could cause pending checks to be returned due to non-sufficient funds. Unless the merchant detects the chargeback in time to cover pending debits, a snowballing effect of penalties assessed could result. Address verification also provides protection by partially verifying the cardholder's address, however the cardholder's signature is most important.

Other types of chargebacks Accounts may also incur credit reversals in other forms, such as these:

ATM reversal: An ATM deposit envelope is found to have less funds than represented (if any) and a chargeback is made to correct the error. This could result due to a counting error or intentional fraud by the account holder, or the envelope or its contents could have been lost or stolen. If an overdraft results and the amount is too high or cannot be covered in a short period of time, the bank will sue or press criminal charges, unless the account holder has been the victim of the latter scenario, identity theft, or other fraud, and files a sworn police report. Bank error correction: A bank error credits the account with more funds than intended and makes a chargeback to correct the error. If an overdraft results and it cannot be covered in time, the bank could sue or press criminal charges. Direct deposit chargeback: A direct deposit is made to the wrong account holder or in a greater amount than intended and a chargeback is made to correct the error. Returned check deposit: The account holder deposits a check or money order and the deposited item is returned due to NSF, a closed account, or being discovered to be counterfeit, stolen, altered, or forged. This could occur due to a deposited item that he knows to be bad, or he could be a victim of a bad check or a counterfeit check scam. If an overdraft results and it is too huge or cannot be covered in

a short period of time, the bank could sue or even press criminal charges.

CHAPTER 6:FINALLY AN INSURANCE AGAINST CHARGEBACK.

Have you lost your credit card? Are you worried after reading about the various cases of credit card frauds around you? Do you think twice before using your credit card in a restaurant or a petrol pump? For the first time in India, Standard Chartered and TATA AIG General.Insurance Company Ltd bring to you a service which guarantees you against credit card fraud!.This service solves the problem of an individuals responsibility for late realization of her/his credit card loss. Presently, if somebody steals your credit card and you realize it late, you are bound to pay for the delay in reporting. However, this service has not only identified this problem, but solved it altogether. Now, a credit card customer is insured against any expenditure on his lost credit card made12 hours prior to reporting the loss. Standard Chartered Bank has joined hands with Tata AIG General Insurance Company Ltd to bring this new service to the domestic credit card industry for the first time. Together they pledge to provide a risk cover for lost cards that will protect customers against fraudulent transactions. Its called the Plus Extended Protection Plan. This news will come as a blessing for the cardholders who are already burdened with high interest rates. Also the news of inflation and an increase in the interest rates doesnt provide any incentive for the people to take up

loans from banks. Hence, at this moment, a cover which promises safety to customers, while using their credit card, is welcome news

CHAPTER 7: CHARGEBACK INSURANCE:

This insurance is meant for the business merchants who accept credit cards. When accepting credit cards for purchases involving large money transactions, merchants risk their business. Fraudulent behavior on part of the credit cardholder or the use of unauthorized or invalid credit cards puts the merchants money at stake. Chargeback insurance policies protect the merchants from these risks. Chargeback insurance refers to an insurance coverage protecting a merchant who accepts credit cards. The coverage protects the merchant against cardholder fraud in a transaction where the use of the credit card was unauthorized, and covers claims arising out of the merchants liability to the service bank. This coverage can apply under a number of circumstances, including:

A credit card is lost or stolen and used before the cardholder can report it Credit Card Number Generators or Counterfeit Plastic Cards Identity theft Post-purchase "ship to" information changes

Merchants are reimbursed for:

The cost of a stolen product or service The loss of profit

The chargeback processing cost

CHAPTER 8:MERCHANT CHARGEBACK INSURANCE

BankCard Central provides qualified merchants access to chargeback insurance protection against cardholder fraud on Card-not-Present credit card transactions when:
1. A Lost or Stolen Credit Card is used before the card owner detects

it is missing;
2. Card Generators or Counterfeit Plastic Cards with fraudulent

credit card numbers generated using software programs.

3. Identity Fraud -- the identity of a card holder is stolen and assumed

by thieves.
4. Post-Purchase "Ship To" Changes -- After a valid transaction has

been made by the real card owner, thieves use the site's customer service screens to gain information necessary to "assume the identity of the order owner" and request a change in "ship to," having the goods delivered to an alternate address of their choosing. The Merchant will be reimbursed for the cost of the stolen product or services, the loss of profit, and the charge back processing cost. The policy covers only losses on credit card transactions processed through BankCard Central and VERePAY when its fraud detection software and risk management systems are used by the merchant.

PROTECT

YOUR

MERCHANT

ACCOUNT

WITH

CHARGEBACK INSURANCE.
Protection from all types of Chargebacks Chargeback protection has virtually no restrictions. Merchants or customers can be located anywhere in the world. Use chargeback protection for selected sales or for all transactions. Total Coverage Protection from any type of chargeback including: * Chargebacks due to fraud * Chargebacks due to customers not recognizing merchant name on their statement * Chargebacks due to customers claiming the item was not delivered, was damaged, or was not as described * Chargebacks due to customers rejecting a shipment and demanding refund * Chargebacks for transactions not shipped to the billing address * Chargebacks for transactions without an AVS match * Chargebacks for transactions delivered without signature or shipped without tracking * Chargebacks for transactions paid with gift cards, corporate cards, stored value cards, etc. * Chargebacks for transactions shipped to high risk countries * Chargebacks for transactions with shipping and billing addresses in

different countries * Chargebacks for software downloads, e-books, online services, etc. Chargebacks for virtually any reason you can think of!

CHAPTER 9:CREDIT CARD FRAUD:

Credit card fraud is a wide-ranging term for theft and fraud committed using a credit card or any similar payment mechanism as a fraudulent source of funds in a transaction. The purpose may be to obtain goods without paying, or to obtain unauthorized funds from an account. Credit card fraud is also an adjunct to identity theft. The cost of credit card fraud reaches into billions of dollars annually. In 2006, fraud in the United Kingdom alone was estimated at 428 million, or US$750-830 million at prevailing 2006 exchange rates. Origins The fraud begins with either the theft of the physical card or the compromise of data associated with the account, including the card account number or other information that would routinely and necessarily be available to a merchant during a legitimate transaction. The compromise can occur by many common routes and can usually be conducted without tipping off the card holder, the merchant or the issuer, at least until the account is ultimately used for fraud. A simple example is that of a store clerk copying sales receipts for later use. The rapid growth of credit card use on the Internet has made database security lapses particularly costly; in some cases, millions[3] of accounts have been compromised.

Stolen cards can be reported quickly by cardholders, but a compromised account can be hoarded by a thief for weeks or months before any fraudulent use, making it difficult to identify the source of the compromise. The cardholder may not discover fraudulent use until receiving a billing statement, which may be delivered infrequently. Stolen cards When a credit card is lost or stolen, it remains usable until the holder notifies the issuer that the card is lost. Most issuers have free 24-hour telephone numbers to encourage prompt reporting. Still, it is possible for a thief to make unauthorized purchases on a card until it is canceled. Without other security measures, a thief could potentially purchase thousands of dollars in merchandise or services before the cardholder or the card issuer realize that the card is in the wrong hands. The only common security measure on all cards is a signature panel, but signatures are relatively easy to forge. Many merchants will demand to see a picture ID, such as a driver's license, to verify the identity of the purchaser, and some credit cards include the holder's picture on the card itself. However, the card holder has a right to refuse to show additional verification, and asking for such verification may be a violation of the merchant's agreement with the credit card companies. Self-serve payment systems (gas stations, kiosks, etc.) are common targets for stolen cards, as there is no way to verify the card holder's identity. A common countermeasure is to require the user to key in some identifying information, such as the user's ZIP or postal code. This method may deter casual theft of a card found alone, but if the card holder's wallet is stolen, it may be trivial for

the thief to deduce the information by looking at other items in the wallet. For instance, a U.S. driver license commonly has the holder's home address and ZIP code printed on it.

CHAPTER 10:THE CHARGEBACK PROCESS:

The chargeback process is a largely unknown to merchants and can often be a cause of frustration. To assist merchants in understanding the chargeback process, let's take a look at the chargeback process used by Visa and MasterCard. American Express and Discover Card use a similar process. However, because they do not issue their credit cards through member banks, there are fewer steps involved and the process is usually faster. The process is as follows: 1.The customer disputes a transaction by contacting their card-issuing bank 2.The card-issuing bank researches to determine whether the reasoning for the chargeback is valid. If not, the chargeback is declined and the customer is held responsible for the charge. 3.A provisional credit is provided to the customer. The card-issuing bank initiates a chargeback process and obtains credit from the merchant's processing bank. 4.The merchant's processing bank researches the validity of that chargeback. If they determine the chargeback is invalid they will decline the chargeback and return it to the card-issuing bank.

5.The chargeback amount is removed from the merchant's account and the merchant's processing bank provides written notification to the merchant. 6.Did a processing error occur? If so, the sale is re-presented to the cardissuing bank for corrections. 7.The merchant provides documentation to remedy the chargeback. If the provided documentation is found to be satisfactory, the chargeback is declined and the customer is once again charged for the sale. If the documentation is found to be unsatisfactory, the chargeback is successful and the process ends. As you can see, there are multiple steps involving multiple parties, and each step requires the responsible party to dedicate a certain amount of time to its management. The resolution of a typical chargeback can take anywhere from six weeks to six months. If each party takes the maximum amount of time to complete a responsibility, it's not hard to see how a chargeback can seem to drag on forever.

CHAPTER 11: CHARGEBACK INSURANCE COMPANY: OMAN INSURANCE COMPANY

Effective immediately, Comtrust will offer protection against Merchant Charge Backs. A chargeback occurs when a service bank debits a merchant's account as a result of a credit card having been used fraudulently on the merchant's website and following the consumer repudiating the transaction. 'Chargebacks are an unfortunate fact of online business when accepting credit card payments,' explains Comtrust's Manager Marketing, Farooq Hasan. 'In the US and Europe, for example, it is estimated that merchant loss due to credit card fraud can amount to as much as 10 per cent of total ecommerce revenue. The Merchant Charge Back Insurance, is therefore designed to protect merchants from such losses.' According to Hasan, the average chargeback rate of credit card transactions on the Internet is about fifteen percent and can go as high as 30 percent for some merchants that deliver digital products immediately at the time of purchase. This compares with a rate of just one for POS (Point of Sales) transactions*. 'Security is of paramount importance when it comes to doing business on the Internet and is the biggest single source of concern when it comes to moving towards e-business,' he adds.

'Confidence is not helped by reports of the increasing number of hackers and Net criminals! However now there is added protection for merchants in the form of this new policy'. Omran Al Owais, Comtrust's General Manager adds that as the name implies, Comtrust is all about building trust for everyone an enterprise deals within the new digital economy. 'Our commitment to spurring the growth of e-business in the region is steadfast,' he said. 'We will continually seek to attract more interest from local and regional organisations looking forward to establish an e-business, through various new innovations -such as this insurance policy - in addition to our full range of e-commerce infrastructure services and solutions'. 'We are the only entity in the region that can provide an easy and convenient method for businesses to adopt e-commerce through a one-stop-shop concept and this new insurance arrangement, takes the trust between ourselves and our customers to new heights'. Explained Al Owais. Abdul Muttalib Mohd. Mustafa, General Manager, Oman Insurance Company reiterated his company's commitment to innovation and protection from the evolving risks of the digital economy. 'In fact, we have established a new unit in Dubai Internet City headed by Manoj Kumar to address issues related to risks and exposure of e-Business'. 'The new e-Insurance Policy will reimburse the merchant up to the limit of

indemnity for the loss on account of any claim arising out of merchant's liability to the service bank for online credit card purchase where the use of credit card was unauthorized and made fraudulently', informed Muttalib The procedure to apply for chargeback in the oman insurance company: To apply for the insurance merchants simply have to complete the proposal form at and then Oman Insurance Company will provide the terms and pricing. 'Once the agreement is signed, Oman Insurance Company immediately provides financial protection from credit card frauds that may unfortunately take place on a merchant's site,' added Muttalib. The Merchant Charge Back Insurance is one of the suite of e-Insurance policies offered by Oman Insurance Company. The company will also provide cover for a business which is exposed to Professional Liability due to its e-business activities or to a Website which is hacked resulting in the loss, not only in physical damage to valuable data, networks or software but also in loss of business and third party legal liabilities.

Coverage:
1.This insurance will pay for the claims arising out of the Merchant.s liability to the Service Bank for a CNP Purchase in circumstances where the use of the consumer's Card was unauthorized and made fraudulently. 2.A CNP Purchase will be deemed to have been transacted when notice of CNP Purchase is approved by the Payment System and recorded by the Merchant

Eligibility:
This insurance is available to all businesses that use a processing system acceptable to the insurers, where a CNP situation arises. 1. Processing systems 2. Cards used 3. Products / services sold

Requirements:
Past record of the merchant Online trading history Completed proposal form Product details & brochure Wait period in some cases Fraud prevention measures

Which Cards?
All valid Credit Cards All valid Debit Cards bearing MasterCard, Visa Card or Switch symbols, but excludes American Express Card.

Excluded Countries?
If the Delivery Address is located in or the Card is Issued in the following countries, the transactions are not covered: Afghanistan, Albania, Algeria, Angola, Armenia, Azerbaijan, Belarus, Bosnia & Herzegovina, Burundi, Cambodia, China, Colombia, Cuba, East Timor, Ecuador, Eritrea, Ethiopia, Fiji, Georgia, Guinea Bissau, Guyana, Haiti, Indonesia, Iran, Iraq, Kazakhstan, Kenya, North Korea, Kyrgyz Stan,Lao Peoples, Latvia, Liberia, Libyan Arab Jamahiriya, Macedonia, Malawi, Moldova, Mongolia, Mozambique, Myanmar, Nigeria, Pakistan, Papua New Guinea, Romania, Russian Federation, Rwanda, Sierra Leone, Slovakia, Slovenia, Somalia, Sudan, Suriname, Syrian Arab Republic, Tajikistan, Turkmenistan, Uganda, Ukraine, Uzbekistan, Vietnam, Yemen, Yugoslavia, Zaire or Zimbabwe.

Rating / Premium:
This is expressed as a percentage of CNP transactions (subject to a minimum and deposit premium) and is also adjusted at the end of the policy period.

CHAPTER 12:FACTS OF CHARGEBACK INSURANCE ON MERCHANT ACCOUNT:

When securing merchant accounts in Panama, high incidence rates of chargeback and sluggish collections can lead to your accounts closure. As a rule, chargeback rates should remain within the 1%-2% range. Otherwise, the account will definitely be reviewed for closure. In some occasions, especially if the rate does not exceed 3%, the merchant account company may not close your merchant account but they will try to work with you to bring the chargeback rate down. This is not guaranteed in any way, however, and remains solely under the discretion of the merchant accounts service provider involved. Bringing Chargeback insurance Rates Down This can be accomplished through order verification through telephone calls as well as through putting up blocks on proxy servers and geographical regions with consistently high rates of fraud. If your companys chargeback incidence is high, then you are cautioned against opening a Panama merchant account for it cannot work in your favor. You risk merchant account closure with high rates of chargeback. Risks for Merchants There are unscrupulous companies that offer offshore merchant accounts services to companies with high chargeback rates. Watch out for these

companies because there are cases when they just keep your funds for their own profit either by keeping your funds, or tying up your funds while they generate income for their company. For instance, such companies will make you sign a contract that tells you to keep your chargeback rates down. Specifically, your chargeback rate must stay within the 1% threshold. However, in the same contract you will see a clause that states the merchant account company will acquire 3% on your chargebacks. If you exceed the 1% limit, the contract will state that your account will be closed. You go on with your business and start delivering the goods. You were advised that payments will come in two weeks with another two weeks for holdbacks. After the fourth week, some delays might come up which extends the waiting time to another two weeks. While all these are happening, you continue delivering the goods but funds havent been credited on to your account. You then get the notification that your account will be closed and held for six months. Many high-risk merchants will let the merchant company get away with it because its too much trouble to go to that country to file charges and spend more money in the process. In your case, you will perhaps just hope for the best and wait out the six months for the funds to be released. However, things start getting nastier at the close of the six months with the merchant accounts provider claiming that yours is a fraudulent company. The merchant account service provider then continues with its scam and holds your funds for a few more months.

CHAPTER 13: MANAGING CHARGEBACK INSURANCE ON PAYPAL.

Chargebacks are a perennial hot topic for PayPal sellers. Get any group of merchants together and ask them about their primary concerns, and youre sure to hear something about chargebacks. And during the holiday season when sales go up, so does the risk of receiving chargebacks. Many misunderstandings persist around the difference between PayPals complaint processes and credit card chargebacks. The word chargeback is sometimes used inaccurately to indicate any buyer complaint against a PayPal seller. Ive had several sellers tell me that they had a chargeback, only to later learn that the buyer had in fact filed a PayPal Buyer Protection claim. To be specific, a chargeback is the result of a buyer contacting his or her credit card company asking to reverse a charge that had been placed on the card. The credit card company then asks the buyer what kind of chargeback this is: did the buyer not authorize the purchase? Did an item they ordered not arrive? Or did the item delivered not look at all like the item they bought? Most card companies immediately assume the buyer is right, so they grant the chargeback without too much rigmarole. Then they inform PayPal that a chargeback has been filed. PayPal passes along this information to you, and the payment is reversed.

This chain of events a chargeback creates is often a frustrating experience for our merchants especially if its the first time theyve received a chargeback. Oftentimes, I hear that sellers think that PayPal is responsible for filing the chargeback, because they are informed of the chargeback by us. In truth, were just the messenger in this scenario. Buyers cannot file a chargeback on the PayPal site. Instead, they must file directly with their credit card company. The chargeback process is not designed nor maintained by PayPal, so we cant change it or reject it. Everyone who accepts, issues or processes credit cards has to abide by these rules - from sellers on eBay to huge retailers like WalMart or Target. Now its important to note that within these rules, sellers can dispute any chargeback. One of the benefits of selling with PayPal is that our chargeback specialists will review any chargeback claim made against you and file a dispute on your behalf if you disagree with the chargeback reason offered by the buyer. The best way to deal with chargebacks is, of course, to avoid having transaction problems in the first place. In other words, your good customer service and business practices are the best way to prevent a chargeback. For some tips on selling best practices, see my previous posts here and here. However, chargebacks are an inevitable reality of selling online. If you do get a chargeback, a couple pieces of information can be extremely helpful if you want to dispute it. Proof of delivery, such as online tracking offered by both USPS and UPS, can be critical evidence in reversing the chargeback. A copy of the buyers signature confirming receipt can also be extremely

effective. Finally, if you did refund the buyer at any point in time, proof of the refund (and/or the shipment of a replacement item) is important. Of course, if you used the PayPal refund tool, we already have the evidence needed to fight the chargeback on your behalf. Businesses grow by understanding how to balance risk with profit. Being too risk averse may limit your buyer pool, and in turn, your total sales volume. Not being risk aware opens you to problems such as chargebacks. Managing these risks intelligently may involve exposing yourself to more chargebacks, but the tradeoff may in fact be worth it. In some cases, PayPal proactively protects you against chargebacks through our free Seller Protection Policy. The Policy covers shipments of physical goods against claims of unauthorized payment or false non-receipt. As long as you ship to a confirmed address within seven days of payment and get online proof of delivery for your shipment, we will protect you against nonreceipt and unauthorized chargebacks. In essence, by following good selling practices and good customer service as captured in the steps of the Seller Protection Policy, youre giving us the information to dispute the chargeback and re-present the charge on your behalf. Chargebacks are an unfortunate part of life for sellers, both online and offline. However, by getting into the habit of following good seller practices and by working with your customers to resolve their issues and concerns, you can significantly reduce the likelihood that youll get a chargeback. In the process, youll also increase the odds that youll be vindicated should one be filed against you.

CHAPTER 14: PAYMENT PROCESS:CHARGEBACK INSURANCE.

Chargebacks are expensive. The merchant eats the cost of the goods or services. Profits from the chargeback transactions evaporate. And, the merchant must pay the acquiring bank additional fees for every chargeback. Chargebacks affect all merchants but are worse for merchants selling high risk products where fraud is common. Even with a significant investment in fraud detection, order restrictions, and customer service managing risk is difficult. A strong payment processing gateway has good fraud protection. But, if fraud settings are set too high, merchants screen out good sales. With low settings, merchants increase sales but are exposed to more chargeback risk. Fears of chargebacks have kept merchants from taking advantage of the explosive growth of international ecommerce. But, with chargeback protection those merchants can expand worldwide with confidence. Chargeback insurance protection eliminates the need to ship to the billing address, use AVS, or use a particular shipping method. With charge back protection merchants remove concerns about fraud and

chargebacks while reduce customer inconvenience, accept more orders, and focus on running ecommerce businesses. A proactive and thorough plan to prevent and deal with chargebacks is a must-have for any business that accepts credit cards. Without an effective plan, chargebacks can become costly and can even prompt a processor to close a merchant account. There are various reasons why cardholders issue chargebacks. Some of the most common reasons are failure to receive a product in the specified time or products being misrepresented by marketing leading to customer dissatisfaction. Whatever the reason, the loss is magnified if a customer has already received products or services. Chargebacks issued prior to the receipt of goods or services results in the loss of capitol and profit for a merchant. If a customer disputes a charge for a product or service that they've already received, the merchant stands to lose capitol, profit and product. If the product or service is expensive this combination can amount to a substantial loss. An effective chargeback plan lessens the frequency of chargebacks and increases the likelihood of winning disputes when they are issued. Chargeback fraud is difficult to combat with even the most comprehensive plan. Fraud occurs when a cardholder issues a chargeback with the intention of extorting products or services from a merchant. In a fraudulent scenario a cardholder has no basis for issuing a chargeback. The cardholder's motivation is to steal products or services from a merchant by taking advantage of the system.

Unfortunately, banks unwittingly facilitate chargeback fraud by immediately reversing disputed transactions prior to contacting the merchant involved. Simply by initiating the process the cardholder has the battle half won. When a cardholder issues a fraudulent chargeback, they've already received the product or service from the merchant, the bank has given their money back and they haven't even had to supply proof to support their claim. If the merchant doesn't respond to the bank's notice within a specified time frame that usually doesn't exceed 10 days, the cardholder will succeed in abusing the system for personal gain at the expense of the merchant. Merchants have taken issue with the inherent problems and bias in the chargeback system for a long time but it doesn't look like banks will be changing their policies any time soon. In the meantime, it's imperative to include methods for preventing and winning fraudulent claims in your plan. The best weapon against fraudulent claims is thorough sales documentation including sales receipts, signatures and proof of delivery (if applicable). Customers that issue fraudulent claims have no substantial proof to support their claim. By maintaining complete sales records you greatly increase your chances of winning these potentially costly chargebacks.

CHAPTER15: CASE STUDY: 1.CARDHOLDER DOES TRANSACTION

Used when a cardholder is unable to recognize a transaction.

NOT RECOGNIZE

Time limit - 120 days from input date An issuer must certify an attempt to assist the cardholder in identifying the transaction using the information in authorization and settlement records The chargeback can be reversed by supplying information that is sufficient to assist the cardholder in recognizing the transaction The dispute may be continued if no documentation is received by the issuer, or the information/documentation received does not provide more value than what is already present in the authorization/settlement records The dispute may be continued with a new reason code in response to information/documentation supplied with the re-presentment

MERCHANT ACTION NECESSARY TO REMEDY CHARGEBACK

Provide any information to assist the cardholder in identifying this sale or any other information that may refute this chargeback Provide a sales draft with the transaction detail Provide any available delivery information

CASE STUDY The cardholder contacted their card issuer stating that they did not recognize the transaction. A good faith effort was made to assist the cardholder in identifying the transaction, but the cardholder still could not identify the transaction. A chargeback was issued for "Cardholder Does Not Recognize Transaction." The merchant supplied a rebuttal stating this was an internet order and no receipt is available. HAS THE MERCHANT SUPPLIED SUFFICIENT INFORMATION TO REPRESENT? No. The merchant must supply an invoice detailing what was purchased and proof of delivery. The information must contain enough detail about the transaction to assist the cardholder in identifying if that is there transaction.

2.DUPLICATE PROCESSING
Used when a merchant processed a transaction more than once, causing the cardholder to be debited multiple times.

Time limit- 120 days from input date An issuer must chargeback the second transaction while providing the reference number of the first If a second acquirer processed one of the transactions, the issuer no longer is required to obtain a copy of the sales draft, however must provide the other Acquirer's Reference Number The chargeback can be reversed if the merchant can provide proof that there were two separate transactions Transaction amounts do not necessarily need to be the exact same amount, however should be similar

MERCHANT ACTION NECESSARY TO REMEDY CHARGEBACK

Supply a legible copy of the sales draft for each transaction Provide any other information that will prove multiple transactions are valid Please be aware that any information sent to us may be provided to the cardholder's bank and possibly to the cardholder

CASE STUDY Karen, planning a short get-away with new hubby Anthony, made a hotel reservation over the phone at a posh resort during the Memorial Day weekend. When she received her credit card statement after their stay, she noticed that she had not only been charged on the day she made the reservation, but also on the day they checked out. The merchant received a Chargeback Sales Draft Request for the two transactions. The merchant supplied the draft for the initial transaction and explained that the cardholder was charged in advance because the reservation was for a holiday weekend. IS THIS ENOUGH TO REPRESENT THIS CHARGEBACK? No. The information provided would satisfy the first charge to the cardholder's account. An explanation of the second charge on the day of checkout was not provided. A merchant must provide a sales draft and explanation for all transactions involved with this reason code.

3.CREDIT NOT

PROCESSED

Used when a credit voucher or refund acknowledgment was not processed. Goods were returned or cancelled and no written refund acknowledgment was received from the merchant.

Time limit - 120 days from input date or from the date the cardholder returned merchandise Documentation must be provided by the issuer stating that the goods were returned or services were cancelled Issuer must supply a credit voucher or refund acknowledgement as supporting documentation or the date merchandise was returned if no written acknowledgement is available If a credit voucher or acknowledgement is available, the issuer must wait 30 days from the credit date for the credit to process before initiating a chargeback

MERCHANT ACTION NECESSARY TO REMEDY CHARGEBACK

Supply proof that credit has been issued. If credit was issued by another acquirer, supply the Acquirer's Reference Data and date of the credit If credit was not issued, provide an explanation as to why no credit is due to the cardholder Provide a written response if the goods were not returned to you If the return was not accepted by you, provide an explanation and also proof that the cardholder was aware of the return policy

CASE STUDY Kenneth, the accounting manager at Merchandise For You, Inc., received a chargeback notification for Credit Not Processed along with a letter from the cardholder stating they had returned merchandise and were given a credit receipt (which was included with their dispute letter). Kenneth checked Merchandise For You, Inc.'s records and found their copy of the credit receipt. He provided a rebuttal letter to his bank stating that their records show that credit had been issued for this transaction. The acquiring bank checked their records and found the credit in their records. IS THIS SUFFICIENT INFORMATION FOR THE ACQUIRER TO REPRESENT? Yes. The merchant records show a credit and a credit receipt, the acquirer also shows the credit transaction was processed.

CONCLUSION:
In the above project we have learn that how charge back insurance helps the merchant holding credit card. It helps to cover the risk relating to credit cards. Now no more the merchant have to fear about the frauds on cards and various types of chargeback on it. This news will come as a blessing for the cardholders who are already burdened with high interest rates. Also the news of inflation and an increase in the interest rates doesnt provide any incentive for the people to take up loans from banks. Hence, at this moment, a cover which promises safety to customers, while using their credit card, is welcome news. This insurance is meant for the business merchants who accept credit cards. When accepting credit cards for purchases involving large money transactions, merchants risk their business. Fraudulent behavior on part of the credit cardholder or the use of unauthorized or invalid credit cards puts the merchants money at stake. Chargeback insurance policies protect the merchants from these risks.

BIBLOGRAPHY: Since I have done my project through primary source I have referred the following books and websites for preparing my project on chargeback insurance. Books : 1. Insurance in India 2. Website:
1.

www.altavista.com

2. www.chargebackinsurance.com 3. about.com 4. www.google.com