VIDEO: VISA Mandate Presents Opportunity in Fraud Prevention

It's definitely a team effort when it comes to the fight against fraud in the payments industry.  

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Visa Mandate Presents Opportunity in Fraud Prevention

Jun 27, 2017

VIDEO: VISA Mandate Presents Opportunity in Fraud Prevention

It's definitely a team effort when it comes to the fight against fraud in the payments industry. And since recent studies show that there is a 40 percent decrease in incidents of fraud when cardholders monitor transaction activity on their accounts, everyone has a vested interest in helping consumers play a more active role.

With that in mind, Visa® has issued a mandate requiring that North American consumer issuers offer transaction-based alert services to their cardholders by October 2016.

Issuers have some discretion in implementing the mandate. They will be required to tie in an alert service into their existing consumer credit, debit and reloadable prepaid accounts – and they can choose either to provide their own alerts service or to offer a solution from a third-party provider, like TSYS®. Issuers have the option to offer alerts via phone, SMS text or email, and they can even customize the messages.

Alerts hold wide appeal for a consumer audience that wants to be digitally engaged and receive information in real time on their mobile devices.

A major consideration for issuers is the need to integrate the alerts service enrollment with their other services. Branding, development and integration concerns will drive many of the choices they make about which alerts offering they select. This mandate is actually an opportunity not just to engage cardholders in the fight against fraud, but also to provide a more comprehensive solution including – in addition to the alerts required by the mandate – those relating to account maintenance activity, personal information changes, suspicious transactions, payment due dates and available credit.

Empowering cardholders to play a more active role in transaction and account management is a winning move for all involved. And seizing the opportunity to provide the most comprehensive services to ensure the best customer experience possible is something the entire industry can – and should – support with gusto.

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