Mastercard bolsters scam defense

Mastercard and Visa are rolling out new rules that will require merchants to take a more active role in preventing fraud and scams. For retailers, this means the 'status quo' of transaction security is changing. Mastercard is specifically focused on real-time scam detection by analyzing the flow of funds to identify suspicious patterns. Visa is implementing similar measures to ensure banks and merchants share more data to verify shoppers. What this means for your business is a likely increase in fraud screening requirements at the point of sale. While these tools aim to save money by reducing chargebacks and unauthorized purchases, they can also introduce friction into the checkout process. If your financing or payment partner isn't updated with these new protocols, you might see more legitimate transactions get flagged or declined. Merchants will need to work closely with their payment processors to ensure they are compliant with these shifting network rules. Staying ahead of these changes will help you protect your bottom line without hurting the customer experience during financing applications or final payments.

Source: Payments Dive

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