How To Lead The Charge On Chargeback Change



“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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