Visa’s Credit card disputes continue to increase despite having prevention software which is driven by fraud and e-commerce growth.
By Crox Times Desk: Credit Card disputes at Visa INC continued to rise in the pandemic period despite having the right prevention software as fraud continues to grow alongside e-commerce and inflation.
As per the official data provided by the company, Visa’s network will rise to 90 million by 2022. And more than 70 million disputes were filed in 2019.
Despite being easy for the customers to file, making it the most common credit cards frauds, and disputes are a common part of the Payments Industry. However, the major players such as Mastercard and American Express refused to provide their dispute data. Both Visa and Mastercard bought the prevention companies in 2019 Ethco Ltd and Verifi Inc.
Disputes can be costly for both credit card companies and merchants to process, while chargebacks, when a dispute results in a refund cost merchants only- For every dollar disputed they have to pay $2.40 as per Visa’s Verifi or higher, as per Mastercard’s Ethco.
However, the company is doing its best to lessen the number of disputes shortly.
