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11/18/2022
Is Higher Fraud Risk an Unintended Consequence of Fed's New Debit Routing Rule?
PYMNTS.com
Last month, the Fed said it was officially ending debit network exclusivity across all channels. Beginning in 2023, all debit card issuers must enable merchants to choose at least two unaffiliated payment card networks to process transactions.
The exclusivity ban has been in place for over a decade and initially applied only to in-person debit card transactions but will now apply to all other debit transactions, including online payments.
It’s a rule expansion that some industry watchers say will lead to unintended consequences.
“Fraud is going to be an ever-present challenge,” Yinglian Xie, CEO of DataVisor, told Karen Webster in a recent conversation.
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