Catch Up with the Mastercard Dispute Resolution Initiative In October 2018, Mastercard released its official phased plans to streamline outdated and redundant chargeback processes. The overall goal of the initiative is to reduce the number of invalid disputes that cost merchants time and money and drive up costs for both issuers and acquirers. Following Visa’s update of Fraud and Chargeback Program thresholds, you’ll need to stay current with both these initiatives to ensure compliance. Mastercard has … [Read more...]
Change Is on the Horizon – 2019 Updates to Visa Fraud and Chargeback Programs 2018 was the “Year of Change,” with more payment brand updates than we’ve seen in quite some time. From Visa Claims Resolution (VCR) and Visa Merchant Purchase Inquiry (VMPI), to 3D Secure 2.0 and MasterCard Dispute Resolution Initiative, the focus to reduce fraudulent and disputed transactions continues to evolve at a rapid pace. As the most recent of these changes, Visa announced it will tighten qualifying thresholds for its Risk Monitoring … [Read more...]
Fighting the Right Disputes with the Right Partner Family Fraud Recent news headlines highlight growing instances of family fraud in card-on-file, frictionless payment scenarios. Fighting disputes that result from such fraud cases can cause customer attrition and brand damage. Due to a lack of visibility and authentication in frictionless transactions (such as in-app purchases), mounting a dispute response against a family fraud case – without knowing what transaction data to collect … [Read more...]
CNP fraud a clear and present danger, Juniper warns U.K.-based Juniper Research projects $130 billion in card-not-present (CNP) fraud over the next five years, largely driven by seasonal opportunism and emerging mobile and real-time payments schemes. Mass migration to new payment methods without advanced authentication and risk management protections will lead to catastrophic outcomes, researchers noted. Online Payment Fraud: Emerging Threats, Segment Analysis & Market Forecasts 2018-2023, … [Read more...]
Dispute Management in the Frictionless Age Let’s face it. Technology has spoiled us to the extent that things we couldn’t conceive as possible are now part of everyday life. Whether it is communicating instantly via text, video-chatting with loved ones across the world, or making a purchase with a swipe, tap, or click, it is much easier to get things done now more than ever. We give little thought to these modern conveniences until something goes awry, like when a frictionless transaction … [Read more...]
Chargeback Prevention and Brand Loyalty in the Holiday Season Many merchants bank their entire year’s success on sales generated during this ultra-busy shopping season. The pressure is on to maximize sales and best practices of customer service. In addition, merchants must be vigilant in their practices to identify and stop fraud, and ensure solutions are in place for reliable chargeback prevention. From a sales standpoint, 2018 has been a banner year. According to Card Not Present, 2018 has … [Read more...]
Why American Consumers Have Been Slow to Adopt E-Wallets At first glance, e-wallets have all the qualities needed to facilitate faster and safer transactions. As merchants continue to optimize their customers’ omnichannel marketing experiences, e-wallets have made it easy for consumers to ride the wave. Major companies like Google, Microsoft, Apple, and Samsung were early-movers, offering digital solutions that allowed consumers to make purchases without swiping a card. Then why is it that a recent … [Read more...]
Holiday Sale Forecasts: Fraud on the Horizon The 2018 holiday sales forecasts are in and merchants have every reason to be excited. Multiple sources predict numbers substantially higher than 2017 sales, which were robust in their own right. While merchants are understandably pumped, so are fraudsters who see opportunities to nab their unfair share of the profits. Just as merchants must promote their goods and services strategically, they need to apply similar rigor to prevent fraud … [Read more...]
The Path to a Cashless Society If you were to peer into the payments industry’s crystal ball, would you see visions of a cashless society? Will be there a time when cash is obsolete? At this stage in the evolution of payments, it’s less a question of “if” and more a question of “when.” Before we get too ahead of ourselves, we can turn to printed media for some guidance. In the spirit of Mark Twain, let’s just say that “The reports of the death of newspapers are greatly … [Read more...]
Frictionless Payments and Transaction Disputes As the holiday shopping season approaches, one thing is clear – e-commerce is thriving. An eMarketer Report forecasts 2018 US holiday e-commerce sales to grow 16.2% to $123.39 billion. Looking back to 2017, mobile sales accounted for 34.5% of all e-commerce sales. By 2021, mobile sales are forecasted to account for 54% of total e-commerce sales. These numbers should excite any merchant with omnichannel capabilities, but they come with a warning: … [Read more...]
