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The payments and finance space is changing faster than most of us can manage to reckon with. In this kickoff episode of Fintalk, Fi911 CEO Gary Cardone and Emerging Payments Association Director General Tony Craddok tackled the defining question of our age: Where do we go now? As discussed in this episode, the movement of money isn’t just an abstract phenomenon. It’s a process that really matters …

Credit and debit cards are well-established in North America and Europe, but that’s not the case in every global market. Payment card adoption is still comparatively young in some parts of the world, but growing fast. The Asia-Pacific market, in particular, saw exponential growth in payment card use in the last few years. In China alone, growth was around 50% per year between 2013 and 2017. But, w…

In 2019, Mastercard implemented two new programs: The Excessive Fraud Merchant (EFM) and the Excessive Chargeback Merchant (ECM) program. Both were intended to help merchants and financial institutions monitor fraud and keep chargebacks at a manageable level. Mastercard first announced the Excessive Chargeback Merchant program in April 2019. As the name suggests, it’s a chargeback compliance schem…

When a consumer files a dispute, the focus is generally on the merchant. However, banks also have an important part to play in preventing illegitimate chargebacks from being filed. Staff should be properly trained to vet cardholders and ask the appropriate questions to manage fraud claims. They must also understand how to proceed when cardholders claim that they don’t recognize transactions on the…

When it comes to chargeback prevention, there are numerous options available to merchants. Some tools focus on targeting a specific type of fraud, while others are better at tackling chargeback reduction by eliminating errors or policy missteps. Of course, developing a strategy to manage chargeback isn’t easy; in fact, many merchants will struggle with this process. The chargeback process is subje…

The new Visa Rapid Dispute Resolution (RDR) service allows merchants to issue refunds to customers and avoid many associated chargeback costs. Some issuers are already working with Visa RDR as of this writing. However, the vast majority of issuers and acquirers are expected to go live in April 2021 alongside Visa Resolve Online. Banks should familiarize themselves with the new process before the t…