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Near-Field Communication (NFC)

Near-field communication (NFC) is a technology that uses a type of radio frequency identification (RFID) chip that can only be read at very close range. It's used in contactless cards and by mobile wallet apps. The user holds the card or device up to the payment terminal and a token representing their payment credentials is transmitted. Tokenization prevents the possibility of payment credentials being intercepted and used fraudulently. Read more >>>

Negative Option Billing

Negative option billing is a business model wherein customers are automatically enrolled in a paid subscription unless they opt out. For example, a customer may sign up to receive a free product and be charged automatically for further products on a monthly basis. Subscriptions that include a free trial period may sometimes be categorized as negative option billing. Read more >>>

Network Mandates

Network mandates are sets of new rules and guidelines created by card networks to address changes or problems in the payments industry. Examples of such mandates include the EMV liability shift, new transparency and cancellation requirements for recurring billing merchants, and requirements for issuing banks to obtain additional information from cardholders before initiating chargebacks. Read more >>>

New Account Fraud

New account fraud occurs when a fraudster creates a new account with a bank or other financial institution using a false identity. This may be either a stolen identity or a synthetic identity created using several mismatched pieces of personal information. The institution that authorized the new account usually takes on financial liability for new account fraud. Read more >>>