Bobby Kwak, owner of Michelin-starred restaurant Nōksu, has been severely impacted by chargebacks from stolen credit card reservations. With losses mounting to tens of thousands of dollars over the year, particularly during the first week of June, he struggles to stay afloat as high-end restaurants like his face increased fraudulent prepaid reservations. Though credit card fraud is not new, the spike in chargebacks, especially within small capacity restaurants, threatens their financial viability. Experts forecast significant increases in annual chargeback fraud losses over the coming years, underscoring the issue's severity.
When Bobby Kwak wakes up, the first thing he does is reach for his phone. He's not reading headlines or catching up on texts: The owner of Michelin-starred Nōksu is checking to see how much money he has lost overnight.
Operators contest the chargebacks, but the banks side with the cardholder, leaving the restaurant holding massive losses.
Collection
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