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How I lost over $450.00 on a Yeezy Boost 350 V2 and how you can prevent it happening to you

If you’re not a sneakerhead, a Yeezy fan or a reseller, you probably underestimate Kanye West’s brand and the resale value of his hyped shoes. The Yeezy Boost 350 V2 Black “Non-Reflective” released on June 7th, 2019 at a retail price of $220.00 USD.

How I ended up losing all my money

Back in June 2019, I received an order for Yeezy Boost 350 V2 Black “Non-Reflective” style FU9006 priced at $460.00. Though not a first-time sale, it was exciting and without a second thought, the order was accepted, and the item shipped within 2 business days. Communication with the purchaser during the process was consistent and nothing appears odd. However, within less than a week after the buyer received the shoe, a dispute email was sent from Stripe, so I immediately reached back to the buyer concerning the issue but never got a response. I have been scammed “AGAIN,” I said to myself.

Proof of purchase

Shortly after, Stripe was contacted, but they did nothing saying there was no chargeback protection with the account. So, I submitted an appeal with evidence of the purchase along with the transcripts of communication to show that the buyer dispute was invalid. Stripe wasted no time to withdraw $475.00 to settle the dispute, adding an extra $15.00 processing fee. Infuriated by the company lack of protecting sellers from fraudulent disputes and a thirst for answers led to Googling complaints and discovering many unhappy customers.

Events, from start till finish

Fraudulent disputes can be harmful to individuals and businesses.

Fraudulent disputes filed by customers are not something strange but can have a tremendous financial impact on businesses and resellers like myself. Financial fraud remains a key issue impacting over three-quarters of companies and in today’s digital era, it is now easier than ever before to commit fraudulent acts. It is estimated that the annual cost to the global economy from cybercrime is $445 billion a year.

The bank decided in the buyer’s favor.

Despite all the evidence submitted, the buyer bank agreed with the customer and dismissed the appeal. So, $475.00 along with the shoe went down the drain without a valid reason, even after doing everything an authentic seller would do to ensure trust with their customers and maintaining a long-term business relationship.

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The buyer won the dispute

Implemented best practice

Stripe remains a recommended payment processing system even after a bitter first encounter. To reduce chargeback or fraudulent dispute, the company introduced its chargeback protection that defends business from the unpredictability of disputes. They promised to cover the disputed amount and waive any dispute fees with no evidence submission required for a 0.4% fee per transaction. Since implementing the protection, there have been zero repeated fraudulent disputes. Scammers, however, have tried multiple times to place orders, but have been unsuccessful.

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Unsuccessful purchase attempts

How it works

Stripe innovative approach “take the guesswork out of disputes.” The company use machine learning to block fraudulent purchases and require buyers identified as risky to provide more information through Dynamic 3D Secure, a process used for card authentication when paying.
Implementing the chargeback protection is easy and painless. The first step is a request access to Stripe Chargeback Protection (SCP), integrate it with the new checkout version and enable SCP with a single click.

A favorite of this process is the ability to set radar, which requires no coding. As a business or entrepreneur using Stripe payment processing system, the radar provide optimized views, robust insights, custom rules and block and editing list.

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Image via Stripe
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Image via Stripe

Since enabling SCP and understanding how to navigate their platform, the $460.00 charge may have been an identity theft. As illustrated in the image below, the location of the buyer was in Brooklyn, NY, but the card used was registered 380 miles away. Perhaps the rightful owner filed the claim after noticing the charge on their account or it was a coordinated scam, no one knows.

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The scammer location and card billing address

In conclusion

Thanks to Stripe Chargeback Protection, over 90 attempted transactions were blocked or canceled. Businesses suffer when financial institutions and government policy cannot protect them from these types of online frauds. This experience highlights the importance for entrepreneurs or businesses to identify an issue and find solutions to overcome the barrier. Most of my customers use either PayPal or Stripe to buy and it is important to serve them all based on their payment preference while protecting my finances.

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Hello, Hola, Bonjour!

Welcome and thank you for visiting Ownkicks’ blog site! Discover what is trending in today’s fashion world and the secondary market for sneakers.

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Is buying sneakers a smart or real Investment?

Written by Tanner Paulini (AKA Tee)
20+ years in the sneaker market

Here at Ownkicks, at our core, we are all “sneakerheads or sneaker enthusiasts”, with combined decades and decades in the sneaker market. But we are also business minded people. The answer to this question is not as simple as yes or no.

Here are why sneakers can be a smart and ralistic investment

If you make favorable financial decisions, then buying sneakers are about as good as any investment. But things need to be examined before making this choice. How quick do you want to see profits from your investment? How long can you financially stand to be without the funds you spent on a sneaker/sneakers? And most importantly, you absolutely MUST know what sneakers are worth buying and what sneakers are not worth buying.

To look at a sneaker as an entity and not a fashion accessory is strange to many people. There are tons of sneakerheads who simply buy sneakers and wear them. They have no interest whether the sneaker will eventually be worth 5x what they paid. There are other sneakerheads (like me) who generally wear most of their kicks, but on valuable releases, will try to double up or even triple up. This is usually done to keep one pair on ice. What does keeping a pair on ice mean? It means keeping a shoe deadstock (brand new) until less and less new pairs exist. And as times go by, the value of the shoe increases.

Then there are the resellers

People who buy as many pairs as possible of a release either through raffles, industry connections, Nike SNKRS app or the use of auto checkout ‘bots.’ These re-sellers are often hated by die-hard sneakerheads because they assume the resellers take away from people who just want the shoe to wear. Well, this is where the fun part comes in. These die hard sneakerheads complain of re-sellers but also complain when a shoe “bricks” (does not have much resale value).

All sneakerheads want their shoes to be rare and worth a lot, but also want them to be as easy as 1, 2, 3 to buy. Unfortunately, both cannot exist. If a shoe is so easy to get that everyone who wants them can get them, then that shoe would not have ANY resale value. On the other hand, if a sneaker is very hard to obtain at retail and sells out instantly, then you have a sneaker that will resell well. Many sneakerheads will have to pay double or triple the retail price. Or at high as 10x retail with some rare pairs even fetching literally 100x retail price (yes rare but true).

Research and resell prediction is important

In my opinion, sneakers are as safe as any investment and like every investment, one needs to research and predict the return on investment (ROI).

For example, my highest profits have always come from Nike SB Dunks. These dunks are made in much more limited quantity and have a low retail value. Did you know that between 2004 to 2005, you could have purchased a pair of the Nike SB Dunk Low for about $65.00? Their low stock number combined with their huge following and low retail price makes them almost a guarantee for big profits. The Sean Cliver Holiday Nike SB Low released in December 2020, retailed for $110. The average price on StockX and similar selling platforms is between $600-$800.00. Another shoe right before the Sean Cliver was the dunk low Habibi, which retailed for $110.00. Less than a month after it was released, the shoe is reselling for an average of $900-$1200 depending on size. Nike SB is turning to instant gold. Perhaps the new gold rush?

What is worth copping in 2021

There is a lot worth copping in 2021, but we are starting with the “Street Hawker ”/ Chinese New Year SB which drops on January 22nd on SNKRS. But like most SB’s releases, they are released a day early at authorized skate shops. The Street Hawker will be NO DIFFERENT. In fact, a personal prediction is that this shoe will top both the Sean Cliver and The Habibis in resale value. Expect to see $800-$1000 in resale value the day it releases. Like the American rappers Fat Joe and Remy Ma said, “All the way up”, you can expect these prices to continue climbing all the way up.
Another shoe that may not be automatic gold but at least silver is almost any Jordan 1 Retro High. These Jordan styles have sold out instantly and will fetch for at least $100 over retail the next day. These types of purchases are easy to flip if you can get your hands on them.

Sneaker collecting is my personal long-term style and sneaker investment strategy. Having been in the sneaker market for almost 20 years, I have worked hard to find managers/store owners and build relationships that have enabled me to purchase certain pairs below resale or retail value and hold on to them like a glue. By investing in this strategy as a sneaker collector, you are in a sense holding an investment portfolio that could one day yield up to 1000x in return. A far better return than the S&P 500 Index Fund.

So, what is the point?

Basically, it comes down to being smart and deciding what is your goal in the sneaker market. Is it a hobby? A hobby with the ability to earn some money. Or a full-on business. Either way, my advice is to HOLD on if you can. Eventually almost ANY sneaker will increase over time and yes it could take years. Some may take a few months and even a day. But most importantly, always authenticate your shoes. Ownkicks pays for itself by spotting fake sneakers for you. The best part of this process is that you do not need to upload pictures if you have a direct link (example). If you were to buy the Air Jordan 1 Mocha for $350 and have an Ownkicks subscription which offers unlimited sneaker authentications, we can help determine if the Mocha 1s is authentic before wasting your money. On average, we have said sneaker lovers over $675.00. Avoid buying fake sneakers.

Prioritize your money and do your research. Yes, sneaker is a good investment, and that is why Ownkicks is here to help you avoid buying fake sneakers.

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How To Copy And Share URLs From Any Website, or App

Coping the seller url on eBay
Copy the seller url on Facebook by clicking on (1-Share, 2-More Options and 3-Copy)
Copy the seller url on Instagram by clicking on (1-Share and 2-Copy Link)
Copy the seller url on OfferUp by clicking on (1-Share and 2-Copy)
To copy the seller url on Grailed, click the top of the listing as identified and copy the url using your keywboard or mobile device).
Copy the seller url on OfferUp by clicking on (1-Share and 2-Copy)
Paste the copied url in “Enter business site URL”

Once completed, click next. You do not need to upload pictures if you have entered a direct url. Click submit for review and enter your payment securely using Stripe or Google Pay. Have any questions? Email us at support@ownkicks.com or find us on Instagram. Ownkicks.com

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Here are some examples of pictures to take when asking for sneakers authentication in Facebook groups or on Ownkicks.

Counterfeiters are cashing-in on the demand of hype and limited releases such as the Ben & Jerry’s x Nike SB Dunk Low “Chunky Dunky”, Travis Scott x Nike Air Max 270 React, Off-White x Jordan IV and the Dior x Air Jordan 1, while leaving many sneaker lovers with worthless fake shoes. Facebook groups have now become a hot spot for “legit checks” or authentication. But do you know which photos to share?

Let us walk through some pictures you may need to share for better authentication results. For this example, we used the Air Jordan 1, 7, 11 and a Yeezy 350 V2 as illustrations. However, this concept is applied to almost all shoe brands when requesting sneakers authentication.

Do you really need this many pictures? Not necessarily, but the more high quality pictures and angles, the more in-depth review and accuracy. Get your sneakers authenticated on Ownkicks by industry experts. Right now authentication is only $2.99 (limited time only).

Did we miss anything? Let us know.

The Ownkicks Team

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