SAN FRANCISCO — Visa Inc. has extended the advanced fraud recovery measures which have long been available for credit cards and some debit card transactions to all debit cards and ATMs.
The card brand said the new policy would become effective on November 1.
Visa launched a streamlined recovery program in October 2006 called Account Data Compromise Recovery which improved operational efficiencies and reduced costs associated with assigning liability and collecting reimbursement for counterfeit fraud losses and operating expenses incurred as a result of magnetic stripe storage compromises, the card brand said.
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The new policy will extend ADCR to fraud damages on ATM transactions conducted over Visa's Interlink ATM network and Plus point of sale network. This marks the first time that the same fraud protections have been extended to transactions which are validated with a personal identification numbers as well as with signatures.
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