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Changing Chargeback Rules May Help CUs, Other Card Issuers

The changes by Visa could mean credit unions will shoulder less of the cost of card fraud.

Visa announces changes in chargeback rules.

Credit unions and other card issuers may soon get a break on the cost of fraud, thanks to changes in chargeback rules scheduled to take place at Visa.

Starting this month, Visa is slated to stop blocking card-present U.S. counterfeit fraud chargebacks of less than $25 and stop limiting card issuers to 10 chargebacks per account for fraudulent counterfeit transactions. The move would change rules Visa put in place back in 2016 after the highly publicized EMV fraud-liability shift, which made retailers and other merchants liable for counterfeit fraud losses associated with cards present at the time of the transaction, thereby encouraging use of EMV cards, which are regarded as less susceptible to fraud.

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Tina Orem

 

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