{"id":786748,"date":"2023-09-28T09:37:40","date_gmt":"2023-09-28T13:37:40","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/visa-program-combats-friendly-fraud-losses-for-small-businesses-globally\/"},"modified":"2023-09-28T09:37:40","modified_gmt":"2023-09-28T13:37:40","slug":"visa-program-combats-friendly-fraud-losses-for-small-businesses-globally","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/visa-program-combats-friendly-fraud-losses-for-small-businesses-globally\/","title":{"rendered":"Visa Program Combats Friendly Fraud Losses For Small Businesses Globally"},"content":{"rendered":"

<\/p>\n

Visa Program Combats Friendly Fraud Losses For Small Businesses Globally<\/b><\/p>\n

New Changes to its Dispute Rules and Processes Gives Small Businesses More Tools to Fight Fraud and Could Save Small Businesses Over $1 Billion Globally Over the Next Five Years<\/i><\/p>\n

SAN FRANCISCO–(BUSINESS WIRE<\/a>)–
\nToday, Visa Inc. (NYSE:V), a world leader in digital payments, spotlighted the evolution of its dispute program, making it easier for merchants to fight first-party misuse, also known as friendly fraud or first-party fraud, for card-not-present transactions. This change could save small businesses over a billion dollars in losses globally over the next five years, in turn benefitting the entire ecosystem of consumers and merchants.<\/p>\n

\nThe rule change gives merchants more ways to show a disputed charge is valid and authorized, helping business owners keep money that is rightfully theirs, while protecting legitimate cardholder activity.<\/p>\n

\nThe impact of first-party fraud can be devastating for small businesses. “This rule change is going to be a gamechanger for my business,” said Kaseedee Pilarz, owner of PilatesBKLYN, a duo of fitness studios in Brooklyn, NY. \u201cI have been in tough situations where legitimate membership charges have been disputed. If I lose the dispute, not only do I lose the membership fee, I also get a penalty. That can be the difference between making payroll or not. This change will help ensure I have a fair shot during those disputes.”<\/p>\n

\n\u201cThe change we\u2019ve made to our dispute process is an important part of our strategy for fighting all types of fraud on the Visa network,\u201d said Paul Fabara, Chief Risk Officer, Visa. \u201cThe dramatic rise in first-party fraud rates necessitated this change. We\u2019re proud of the work that we do, not only to prevent fraud across the ecosystem, but also to empower small merchants to fight for payments they\u2019ve rightfully earned through legitimate transactions. With this announcement, however, we also remain steadfast in our commitment to protecting innocent consumers from fraud, including Visa\u2019s overall commitment to zero-liability for cardholders for unauthorized transactions.\u201d<\/p>\n

\n\u201cWithout the kind of resources that larger organizations have, small businesses are significantly more at risk for debilitating fraud-related losses. Mitigating first-party fraud requires collaborative partnerships,\u201d said Julie Fergerson, CEO, Merchant Risk Council, the global non-profit organization connecting eCommerce fraud prevention and payments professionals. \u201cWe share Visa\u2019s commitment to reduce this threat to merchants and believe this rule change signifies historic progress.\u201d<\/p>\n

About Visa Inc.<\/strong><\/p>\n

\nVisa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com<\/a>.<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20230928199818\/en\/<\/a><\/span><\/p>\n

\nAllee McDermott
\n
amcdermo@visa.com
\n<\/a>
415 218 7234<\/p>\n

KEYWORDS:<\/b> California United States North America<\/p>\n

INDUSTRY KEYWORDS:<\/b> Software Payments Finance Banking Small Business Professional Services Technology Security<\/p>\n

MEDIA:<\/b><\/p>\n\n","protected":false},"excerpt":{"rendered":"

Visa Program Combats Friendly Fraud Losses For Small Businesses Globally New Changes to its Dispute Rules and Processes Gives Small Businesses More Tools to Fight Fraud and Could Save Small Businesses Over $1 Billion Globally Over the Next Five Years SAN FRANCISCO–(BUSINESS WIRE)– Today, Visa Inc. (NYSE:V), a world leader in digital payments, spotlighted the evolution of its dispute program, making it easier for merchants to fight first-party misuse, also known as friendly fraud or first-party fraud, for card-not-present transactions. This change could save small businesses over a billion dollars in losses globally over the next five years, in turn benefitting the entire ecosystem of consumers and merchants. The rule change gives merchants more ways to show a disputed charge … <\/p>\n

Continue reading “Visa Program Combats Friendly Fraud Losses For Small Businesses Globally”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-786748","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nVisa Program Combats Friendly Fraud Losses For Small Businesses Globally - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/visa-program-combats-friendly-fraud-losses-for-small-businesses-globally\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Visa Program Combats Friendly Fraud Losses For Small Businesses Globally - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Visa Program Combats Friendly Fraud Losses For Small Businesses Globally New Changes to its Dispute Rules and Processes Gives Small Businesses More Tools to Fight Fraud and Could Save Small Businesses Over $1 Billion Globally Over the Next Five Years SAN FRANCISCO–(BUSINESS WIRE)– Today, Visa Inc. (NYSE:V), a world leader in digital payments, spotlighted the evolution of its dispute program, making it easier for merchants to fight first-party misuse, also known as friendly fraud or first-party fraud, for card-not-present transactions. This change could save small businesses over a billion dollars in losses globally over the next five years, in turn benefitting the entire ecosystem of consumers and merchants. 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