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SAFE

SAFE or System to Avoid Fraud Effectively is a Mastercard initiative that requires banks to document cardholder claims of fraud. Similar to Visa's TC40, Banks must send a SAFE report to Mastercard that details each fraud claim made on Mastercard debit and credit cards. Mastercard can use this data to search for trends in fraud, identify problem banks and merchants, and inform efforts to reduce the level of fraud in the payments ecosystem. Read more >>>

Secure Remote Commerce (SRC)

Secure Remote Commerce (SRC) is an initiative created by EMVCo, the organization established by the major payment card networks to establish standards for the payments industry. Through SRC, payment credentials are stored by the card networks and can be used to make payments to any merchant whose checkout supports the system without the need to give the merchant the payment details directly. Read more >>>

SIM Swap Fraud

SIM swap fraud is a type of fraud wherein the perpetrator convinces a customer service representative at a cellphone network to transfer a customer's account to a new SIM card. The fraudster can then use this information to bypass two-factor authentication checks, gain access to personal information, and compromise more secure accounts. Read more >>>

Smart Card

A smart card or chip card is a plastic card containing a computer chip and a method of interfacing with an external device. The most common form of smart card is the modern credit or debit card, which contains an EMV chip for securely making payments. These chips are significantly less vulnerable to skimming and cloning than the magnetic stripes they're intended to replace.

SMS Verification

SMS verification is a type of two-factor authentication involving sending the customer a one-time password via text message to confirm their identity. This requires an unauthorized user to have both the customer's login credentials and access to their text messages. Customers can choose to have their device information saved in order to bypass the need for SMS verification on devices they use frequently. Read more >>>

Stored-Value Card

A stored-value card is a payment card that has a monetary value stored within the information on the card itself rather than being linked to an external bank or credit card account. Gift cards associated with a particular store are the most common type of stored-value card, but there are also prepaid cards that can be used anywhere. Read more >>>

Strong Customer Authentication (SCA)

Strong Customer Authentication (SCA) is a requirement of the EU Revised Directive on Payment Services (PSD2) that mandates the use of two-factor authentication in all electronic transactions. Chip-and-PIN transactions fulfill this requirement for card-present purchases, but e-commerce merchants must have another solution in place. The SCA mandate applies to payment service providers in the European Economic Area. Read more >>>

Subscription Billing

Subscription billing, also known as recurring billing, is the practice of billing a customer automatically at predetermined intervals in exchange for continuing to provide products or services. While subscription billing has traditionally been used for service-based businesses, recent years have seen a rise in subscriptions that offer regular deliveries of physical goods such as food, clothing, or beauty products. Read more >>>

Subscription Decline Rate

A merchant's subscription decline rate is the percentage of subscription billing charges they attempt that result in a decline. Declined transactions can be especially harmful to subscription merchants because most customers won't bother to update their payment information. Account updating services can prevent declines by automatically obtaining new cardholder information when changes are made. Read more >>>

Supply Chain Chargebacks

Supply chain chargebacks are chargebacks whose root cause can be traced to the merchant supply chain. Supply chain issues can lead to delayed orders, defective products, incorrect sizing, compatibility issues, and a variety of other problems that can lead customers to dispute charges. One way to prevent supply chain chargeback is to make sure to have helpful and available customer service to resolve these problems with customers directly. Read more >>>

SWIFT

Society for Worldwide Interbank Financial Telecommunications (SWIFT) is a network that allows banks all around the world to send data securely through a standardized system, facilitating international transactions. SWIFT is used by almost every organization that conducts the transfer of funds or securities across borders, including banks, brokerages, currency exchanges, and securities dealers. While there are alternative networks, such as the older Telex, none of them is as widely adopted as SWIFT.