All four card brands (Visa, MasterCard, Discover and Amex) provide written rules and regulations for processing their cards to ensure sound business for all. MasterCard recently changed its standards around determining card validity at checkout.
In its most recent transaction processing rules, which were published on June 1, 2017, MasterCard required businesses to take steps to validate the authenticity of a card at checkout. The steps are as follows:
MasterCard notes that its rules and standards change from time to time, and it’s possible that the documents on its rules page may not be “absolutely current in all regards.”
MasterCard announced immediate changes to its validation requirements. It now affords businesses the discretion to choose to complete certain steps when accepting MasterCard payments for in-person transactions. Yet, there are certain circumstances where a signature comparison is still required. This includes when a bank manually disburses cash or when a business sells a cash-like instrument.
This change shouldn’t affect your business much. While it may speed up the checkout process, we still recommend taking steps to ensure the validity of a card to prevent fraud. It’s better to be safe than sorry.
Have any of the steps above stopped a fraudster in his tracks? Tell us your crime-stopping story below!