Mastercard Announces Consumer Protection Measures at The Pump
May 18 2020 - 4:15PM
Business Wire
Fraud and Security Tools Offered to Fuel
Merchants and Issuers to Address Vulnerabilities in Final Phase of
Upgrade to EMV
Mastercard today announced a new consumer protection program to
address the fraud vulnerabilities that exist today at fuel
merchants who have not completed the upgrade to safer and more
secure EMV terminals. This new program has been put in place as the
company shifts the EMV Automatic Fuel Dispenser (AFD) liability
date to April 16, 2021 to support fuel merchants still completing
upgrades.
Fraud has been migrating to AFDs at an accelerated pace, with 17
percent of all US card present fraud losses reported to Mastercard
occurring through transactions at these merchants as of Q4 2019.
This creates pain for the entire ecosystem, especially for
consumers. The enhanced consumer protection program provides the
merchant and issuing community with tools to help them navigate the
heightened risk fraud is presenting.
“Many fuel companies have made the shift to a safer and more
secure EMV environment, and we applaud them for doing so. However,
we also recognize and respect the complexities to upgrade to safer
and more secure EMV transactions at fuel dispensers over the next
few months,” said Kush Saxena, executive vice president, US
Merchants and Acceptance, Mastercard. “The new program we are
putting into the market provides a new and differentiated layer of
protection, thus securing consumers and mitigating losses for all
parties.”
Protecting Cardholders at the Pump
Mastercard issuing banks will be provided with enhanced data on
high-risk fraud transactions at fuel merchants to inform their
authorization decisions and stop fraud before it happens. The
company’s Safety Net and Fraud Rules Manager programs will be
enhanced to aid them in their decision-making criteria, providing
additional protection for their cardholders at fuel pumps.
Mastercard will arm fuel merchants who experience high fraud
with the company’s Merchant Fraud Insights to provide additional
details into the fraudulent transactions and a more comprehensive
view into the safety of the purchasing environment at their
individual locations.
The company will also develop a compliance program for some fuel
merchants who have experienced high fraud at their locations to
ensure they have a remediation plan in place to preempt and
mitigate fraudulent transactions at their locations. Additionally,
Mastercard will continue to advise those merchants on the
importance of upgrading to EMV terminals to further secure the
entire ecosystem, thereby minimizing risk to consumers.
Mastercard is focused on maintaining the integrity of the
payments system, while also supporting issuers and merchants to
keep consumers protected. The upgrade to EMV remains paramount and
has helped curtail counterfeit fraud in all countries and channels
that have implemented the technology. In the US, between Q4 2015
and Q4 2019, counterfeit fraud basis points at merchants who have
upgraded to EMV have decreased by 88 percent proving the ability to
fight fraud and protect businesses and consumers.
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments
industry. Our mission is to connect and power an inclusive, digital
economy that benefits everyone, everywhere by making transactions
safe, simple, smart and accessible. Using secure data and networks,
partnerships and passion, our innovations and solutions help
individuals, financial institutions, governments and businesses
realize their greatest potential. Our decency quotient, or DQ,
drives our culture and everything we do inside and outside of our
company. With connections across more than 210 countries and
territories, we are building a sustainable world that unlocks
priceless possibilities for all.
www.mastercard.com
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200518005718/en/
Jim Issokson James.Issokson@mastercard.com +1 (914) 249-6286
MasterCard (NYSE:MA)
Historical Stock Chart
From Jun 2024 to Jul 2024
MasterCard (NYSE:MA)
Historical Stock Chart
From Jul 2023 to Jul 2024