A chargeback is a process that allows consumers to dispute a transaction and request a refund from their bank or credit card issuer. This typically occurs when a customer believes they were charged incorrectly, received a defective product, or did not authorize the transaction. The bank investigates the claim and may reverse the charge, returning the funds to the consumer. Chargebacks are designed to protect consumers from fraud and ensure fair transactions. However, they can also pose challenges for businesses, as excessive chargebacks may lead to penalties from payment processors and affect their reputation. Understanding the chargeback process is essential for both consumers and merchants.