In November 2015, when Visa Inc. announced its acquisition of Visa EU, the markets barely seemed to notice the $23.4 billion transaction. Visa shares continued their steady blue-chip climb unfazed. But when the new Visa modified its fraud and chargeback monitoring in 2016, the other shoe dropped, right on top of high-risk merchants. Europe was a haven for chargebacks much like the Cayman Islands are for taxes. Transactions through Visa EU could carry twice the amount of chargebacks as their American counterparts and still be compliant. European and quite a few cross-border merchants had availed themselves of Visa EU’s more lax regulations. All that changed in 2016 as Visa Inc. merged their European and American fraud monitoring under a single program.
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