“Industry News” Posts

Credit Card Fraud in America Today

Credit Card Fraud in America Today

According to the most recent Nilson Report, $24.26 billion is lost worldwide to credit card fraud on an annual basis, which is comparable to the Gross Domestic Product of nations such as Iceland and El Salvador. As alarming as these numbers may be, it is important to take an even closer look at the state of credit card fraud in America today. As the leading country in the world for credit card fraud, 38.6 percent of those losses were reported in the United States, amounting to $9.36 billion a year. The Importance of Understanding Credit Card Fraud…

Mastercard Cards Without Signature Panels Starting April 2019

Mastercard Cards Without Signature Panels Starting April 2019

If you haven’t noticed, a major trend has emerged in the last year around signatures and credit cards. In late 2017 and early 2018, card brands announced major changes to their signature requirements. Mastercard is now taking yet another step away from signatures. The News Starting April 2019, both Mastercard debit and credit cards may not contain a signature panel on the back. This change comes on the heels of Mastercard making signatures for its cardholders’ transactions optional. As a business owner processing Mastercard transactions, not much will change for you. In fact, the removal of the signature panel…

How to Process Credit Card Payments After Signature Rule Change

How to Process Credit Card Payments After Signature Rule Change

In late 2017 and early 2018, the card brands revealed a major change to their long-held signature requirements for credit card transactions. MasterCard, Discover and Amex announced they would no longer require signatures for magstripe and EMV transactions beginning in April 2018. Visa announced that signatures would still be required in the event of a chargeback dispute for magstripe transactions, but would be optional for EMV. There are a few motivations for this protocol change. The card brands want to reduce payment friction and hope that eliminating a step in the payment process will entice merchants to upgrade to EMV-ready…

Visa Chargeback Rules Changing April 2018

Visa Chargeback Rules Changing April 2018

The payments space is ever evolving, so it should be no surprise that card brand rules change too. Despite the improvements in payment technology, chargebacks aren’t going anywhere. In an effort to streamline the chargeback dispute process, Visa is rolling out a new initiative — the Visa Claims Resolution (VCR) — to reduce time, costs and (hopefully) the number of chargebacks received. The VCR was originally scheduled to roll out in October 2017, but was pushed back to April 2018. If you’re a business owner processing Visa cards, here’s what you should know: The time frame for businesses to…