By Michael Rubinkam, Associated Press Writer | April 16, 2006
BETHLEHEM, Pa. --Talk about buyer's remorse: A man who had purchased a $4,500 custom-made engagement ring over the Internet abruptly called off the wedding just days before the big day -- then called his credit card company to get his money back.
He succeeded, but not for long. Ice.com, one of the largest jewelers on the Internet, fought the credit card chargeback, correctly arguing its 30-day return guarantee had long since expired. The customer was out the money.
Internet merchants once viewed such chargebacks and other payment fraud as a cost of doing business, mainly because they are difficult and time-consuming to fight. But with fraud sapping hundreds of millions of dollars from online revenues, companies that do all or most of their business over the Internet are increasingly pushing back.