Credit cards have become indispensable to both consumers and businesses in expediting the payment process; but when disputes arise, the system can break down into acrimony and injustice, especially when intentional fraud is committed. What programmes are card schemes Visa and Mastercard implementing to streamline the current chargeback system, settle disputes quickly and efficiently, and to protect the innocent? The new Open World model provides some answers.
Banks make a big mistake when they leave the customer out of the fraud equation; prompt communication with a client when a suspicious transaction is detected can result in much swifter resolution of the issue as well as better relations with the customer. After all, banks and their customers are on the same page when it comes to thwarting financial fraudsters.
ATM crime will always exist in one form or another. The European Association for Secure Transactions (EAST)found that in 2016 transaction reversal fraud was up 147% compared to 2015, highlighting how certain types of attacks are becoming more prevalent in some geographical areas.