Reacting to strong complaints from retailers, three major card brands have finally taken steps toward reducing the amount of counterfeit fraud chargebacks to U.S. merchants, which began as a result of the EMV fraud liability shift last October.
Visa and AmEx are both saying they will prevent issuers from holding merchants liable for counterfeit fraud chargebacks on transactions of less than $25. They also say that issuers will be limited to 10 chargebacks per card, with issuers assuming the liability for fraudulent transactions after the 10-chargeback limit.
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