EMV creates a drop in Card Present Fraud

EMV creates a drop in Card Present Fraud

New data from the Auriemma Consulting Group (ACG) shows that card present credit card fraud losses have decreased by 18%, the lowest levels since 2013. With major adoption of chip technology by card issuers and merchants, card present fraud has become more difficult and has resulted in a sharp decline in related losses. However, even with accepting chip cards, there is still a risk. We recommend continuing with best practices to secure your customers credit card data.

If you know of any businesses that still aren’t able to accept chip cards, we would be happy to help them upgrade.

Best,

The Agapay Team

The full article can be found at: http://www.econotimes.com/

Visa Eases EMV Chargeback Policy

Visa Eases EMV Chargeback Policy

The transition to EMV has been messy for many merchants. Visa, being a leader in the migration to EMV technology in the US has decided to ease the burden placed on small businesses. According to a press release to their investors dated June 16th, they’ve released the following statement:

“Visa is modifying its policies to limit the number of fraudulent transactions that issuers can charge back to merchants (and their acquirers). Effective July 22, 2016, Visa will block all U.S. counterfeit fraud chargebacks under $25… These blocks will stay in effect until April 2018.”

For many small businesses, this is great news. Currently, if the merchant doesn’t accept EMV chip cards, banks have the authority to chargeback any disputed transaction often without allowing the merchant to respond. This update will limit the banks authority to transactions above $25 starting July 22, 2016.

Please feel free to contact us if you have any questions.

Best Regards,

Daniel Han, ETA CPP

President, Agapay

P.S. For a link to the press release it can be found here:
http://investor.visa.com/news/news-details/2016/Visa-to-Help-Accelerate-EMV-Chip-Migration-and-Support-Merchants/default.aspx

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