How To Lead The Charge On Chargeback Change

From: PYMNTS

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“One of the challenges in the system that needs ongoing improvement is that if the cardholder says it’s fraud and ‘I didn’t do it,’ because of Regulation E [of the Electronic Fund Transfer Act] and Regulation Z [of the Truth in Lending Act], the issuers have to give those cardholders back their money … it’s just the process,” Fergerson explained.

The Visa rule change, she said, “is an evolutionary improvement” that should improve the situation for issuers and merchants, but it is not a revolutionary change where the system is being overhauled and it is instantly clear who has the fraud liability.

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