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The holidays are typically a time when most businesses experience peak sales activity. However, the ongoing pandemic has disrupted the flow of commerce around the world. In the UK, for example, a second lockdown has forced all nonessential shops to close, allowing only delivery and click-and-collect options. These and other financial difficulties will likely result in the closure of some businesse…

Friendly fraud occurs when consumers dispute payment card charges without a valid reason to do so. Instead of first trying to obtain a refund through the merchant, the consumer leverages the chargeback system by going directly to the issuing bank. Those who engage in friendly fraud are often unaware of the negative impact their actions will have. They believe that filing a chargeback is simply ano…

When a merchant is placed on the MATCH list, it indicates that they pose an above-average threat to acquirers. Essentially, the MATCH list functions as a warning system for financial institutions against false merchant account information. Merchants who end up on the MATCH list face greater challenges when attempting to open a new account. In fact, they may be unable to secure payment processing a…

October 15, 2020, marked the fifth anniversary of the date when Visa and Mastercard implemented the EMV liability shift in the United States. The card schemes shifted fraud liability from financial institutions onto merchant if the card used in a fraudulent transaction was “swiped” instead of “dipped.” The October 2015 deadline marked the US market’s transition with fraud liability, but merchants …

Since 2017, nearly 50,000 accounts associated with banks, financial services provider, insurance companies, and investment firms have been compromised through a practice known as credential stuffing. This dangerous attack is perpetrated by bad actors posing as legitimate account holders and bank employees. The fraudster impersonates a user, then gains access to sensitive information. Unfortunately…

Given the extraordinary circumstances of the last six months, it comes as no surprise that contactless payments are on the rise. Due to increased consumer fear of the spreading virus, merchants had to adopt new practices to reduce the amount of physical contact experienced while handling cash or a card during the checkout process. Contactless payment methods offer a perfect solution to this proble…