Mastercard Launches New Scam Prevention Program
Mastercard has introduced its new scam prevention initiative, known as the Scam Merchant Monitoring Program (SMMP), to enhance fraud detection and response among merchants and their acquiring banks. The program requires acquirers processing Mastercard transactions to investigate flagged suspicious activity within three days if it meets certain risk thresholds. This move follows a similar strategy by Visa with its Visa Acquirer Monitoring Program (VAMP) launched last year, as both companies aim to address the growing issue of authorized payments made under fraudulent circumstances. The initiative is part of broader industry efforts to respond to increasing consumer scam concerns and regulatory pressure in Washington.
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