(CHICAGO) JUNE 24, 2016 – In a move that will save the industry significant revenue while minimizing transactional disputes, NAMA announced that effective July 22, Visa will block all U.S. counterfeit fraud chargebacks under $25.
“We applaud Visa for this development alleviating the impact on NAMA operators who previously were bearing the cost of counterfeit fraud,” said NAMA CEO Carla Balakgie.
“Smaller chargebacks had the potential to generate a great deal of work and expense for merchants and acquirers,” she continued. “We’re appreciative of the strong working relationship that exists between Visa and NAMA that enables beneficial business solutions such as this to be promulgated.”
Effective October 2016, issuers will also be limited to charging back 10 fraudulent counterfeit charges per account, and will assume liability for all fraudulent transactions on the account thereafter. This reinforces the responsibility issuers already have to detect and act on counterfeit fraud quickly. These blocks will stay in effect until April 2018.
According to Visa, “These two changes together will significantly reduce the number of chargebacks that merchants are seeing. Following these changes, merchants can expect to see 40 percent fewer counterfeit chargebacks, and a 15 percent reduction in U.S. counterfeit fraud dollars being charged back.”
The 2016 NAMA DC Fly-In will take place July 12-13, 2016. Fly-In registration and a detailed event schedule can be found at www.namaflyin.org.
