4 March 2005
Two of the world's largest credit card providers have indicated their willingness to help the EU fight credit card fraud.
Visa and MasterCard Europe both agreed yesterday to a series of guidelines set out by the EU to crack down on the rising irritation of payment card fraud.
According to Reuters, the new guidelines could help save banks and retailers up to 200 million euros (£138 million) in lost revenue and compensatory payouts.
The focus of the new guidelines will be improvements to the operations and security of databases on retailers who are no longer permitted to accept payment cards.
Credit card operators such as Visa and MasterCard consult such databases, containing names of retailers whose contracts are terminated, mostly linked to fraud, before contracting new merchants.
"The guidelines will help banks prevent fraud and ensure that merchants' privacy is better protected," the European Commission assured.
Use uSwitch's impartial calculator to compare all credit cards and find the card to suit your needs.
© 2008 Adfero Ltd
Content for the uSwitch.com market news service is provided by a third party, Adfero Ltd. Whilst uSwitch.com makes reasonable efforts to check the reliability of this content, uSwitch.com does not guarantee the accuracy thereof or endorse the views or opinions given by Adfero Ltd, unless expressly stated otherwise.