In today’s time, credit, debit, and ATM card fraud has seem to become a part of the package of our electronic payment system. 1 in 10 Americans have been victims of credit card fraud (“Credit Card Fraud Statistics”). Even worse, 1 in 7 Americans have been victims of debit or ATM card fraud (“Credit Card Fraud Statistics”). Worldwide, the total amount of credit card fraud reaches approximately $5.55 billion (“Credit Card Fraud Statistics”).
This is an issue that places each and every one of us at risk; however, before today, as consumers, our protections were limited and varied by jurisdiction, circumstance, and card company. Mastercard announced to move toward creating a zero-liability for their consumer and small business cardholders globally. Mastercard is the first in the industry to make such a bold move regarding consumer protection. This move took over a year to complete, with the outdated liability framework containing complex and varying issues. Past frameworks would “allow liabilities to be passed on for all types of transactions, while others limit that to lost or stolen card transactions, some have rules in regard to PIN transactions and others have no rules at all.” (“MasterCard Goes All-In On Zero Liability”) Mastercard’s promise of zero-liability would “bring structure and uniformity to what is now a patchwork of liability rules that varies by region, types of transaction or, in some cases, both.” (“MasterCard Goes All-In On Zero Liability”)
This program simplifies the previous framework, while increasing consumer protection. In a world where technology, privacy, and protection are intersecting more than they ever have before, Mastercard has been the first in the industry to take such bold steps to ensure their cardholders won’t have to worry about any unauthorized transaction — no matter who they are, where they are or what transaction it was.
(2015, November 11) MasterCard Goes All-In On Zero Liability. PYMNTS. Retrieved from http://www.pymnts.com/company-spotlight/mastercard/2015/mastercard-goes-all-in-on-zero-liability/#.VkOoI3JdHmQ
Credit Card Fraud Statistics. Statistic Brain Research Institute. Retrieved from http://www.statisticbrain.com/credit-card-fraud-statistics/