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VisaCore Rules and Visa Product and Service Rules
Effective Date: April 2024
In a bid to enhance the security of online transactions, Visa has introduced new rules governing cardholder disputes. The updated regulations aim to streamline the dispute resolution process, while also ensuring that merchants and financial institutions are held accountable for any fraudulent activities.
New Rules and Requirements
According to the revised rules, merchants will be responsible for verifying the identity of customers making purchases online or in-store. This move is expected to reduce cases of fraud and counterfeit transactions.
Additionally, Visa has introduced a new category of disputes known as “Cardholder Letter” which requires cardholders to provide written confirmation of any alleged fraudulent activity. This new rule aims to ensure that merchants are not held liable for disputes that may have been caused by the cardholder’s own actions.
Key Changes
- Merchants will be required to provide detailed documentation of all transactions, including receipts and invoices.
- Financial institutions will be held accountable for any fraudulent activities committed by their cardholders.
- Cardholders will have the right to dispute transactions within a specified timeframe.
- A new condition known as “EMV Liability Shift Counterfeit Fraud” holds merchants responsible for counterfeit transactions that occur in-store or online.
Compliance
Merchants and financial institutions are required to comply with the updated rules. Failure to do so may result in penalties or even suspension of services.
Key Takeaways
- New category of disputes known as “Cardholder Letter”
- Introduction of “EMV Liability Shift Counterfeit Fraud” condition
- Enhanced documentation requirements for merchants
- Hold financial institutions accountable for fraudulent activities
- Cardholders have the right to dispute transactions within a specified timeframe
For more information on the revised rules, please contact Visa’s customer service department.