New Visa Claims Resolution rules (‘VCR’) were implemented globally on 15 April 2018. All disputes will be processed through the new rules.
Part of the change includes the retirement of ‘Code 75 –Transaction Not Recognised’.
- ~60-70% of all current disputes relate to this code. This is driven by the often obscure transaction description that appears on credit and debit card statements.
- The retirement of this code is likely to lead to a significant increase in fraud related charge-backs. This is a bad outcome for consumers, banks and merchants due to a higher level of inconvenience (e.g. automatic cancellation of a card) and higher costs.
Mastercard are expected to follow suit later in 2018.
Look Who’s Charging has a proven solution that will avoid this increase in fraudulent charge-backs as well as reduce overall charge-backs and calls and in the process save banks a significant amount of money and improve the customer experience.
See the attached for further details. Visa_Claims_Resolution_Rules_Apr-18