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| 18 September 2008 | Sydney | | | 100 percent protection against unauthorized purchases | | | Visa commences awareness program of its Zero Liability policy | |
Visa is reminding cardholders to be aware of the terms and conditions of their Visa card so they are 100 percent protected in the unlikely event of unauthorized purchases.
Visa offers 100 percent purchase protection across all of its credit, debit and prepaid cards issued inAustralia under its Zero Liability policy. Cardholders are not held liable for unauthorized transactions whether they are conducted online, in person or over the phone.
To make cardholders aware of the policy and what they can do to help prevent fraud, Visa has commenced an advertising and information campaign in Australia.
While Visa offers 100 percent protection against unauthorized purchases, the time frame that cardholders have to lodge a disputed transaction or report a lost or stolen card can vary between financial institutions that issue the payment cards. It is therefore important that cardholders understand the terms and conditions set by their financial institution and call if they have questions or need further clarification on them.
While there are periodic changes in the volume and type of fraud, the Australian Payments Clearing Association says overall credit, debit and charge card fraud in Australia is low by world standards and is at a rate of less than three cents in every $100.[1]
Visa’s General Manager for Australia, New Zealand and the South Pacific, Mr. Chris Clark, said it is important to fully understand the terms and conditions.
“By offering 100 percent protection – we’re also offering 100 per cent peace of mind. It is a very simple policy – if you didn’t authorize it then you’re not liable for it,” Mr Clark said.
“While the rate of fraud remains low, everyone has a role to play in preventing it. Cardholders must regularly monitor their statements and quickly notify their financial institution of an unauthorized transaction so the source of the fraud can be identified quickly and action taken.
“We also need people to notify their financial institution as soon as they realize that their card has been lost or stolen so that the account can be closed.
“The time frames for reporting unauthorized transactions or for reporting lost and stolen cards to qualify for the policy can vary so it is important to check the documents that came with your card or you can visit the web site of your financial institution.
“It is also important for cardholders to ensure that their financial institution has their mobile phone number so they can be contacted should fraud monitoring systems pick up suspicious activity.
”Shopping online, via mail order, over the phone or in person is safe. In the unlikely event that something goes wrong, cardholders need to contact their financial institution without delay to ensure they are 100 percent protected,” Mr Clark said.
Media contact
Judy Shaw
Visa International
ausinfo@visa.com
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About Visa
Visa operates the world’s largest retail electronic payments network providing processing services and payment product platforms. This includes consumer credit, debit, prepaid and commercial payments, which are offered under the Visa, Visa Electron, Interlink and PLUS brands. Visa enjoys unsurpassed acceptance around the world and Visa/PLUS is one of the world's largest global ATM networks, offering cash access in local currency in more than 170 countries. For more information, visit www.corporate.visa.com. | |
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