Walmart Files A Lawsuit Against Visa
Wal-Mart is not at all happy with Visa as it allowed Wal-Mart’s customers to sign for purchases made by using chip based debit cards. Wal-Mart has filed a lawsuit against the credit card brand as it forced the retailer to allow customers use signature on purchase with their chip based debit cards.
Walmart said that PINs are more secure as compared to signatures and can help to prevent fraud. It further said that they initially use to allow only debit cards payment verified by PINs but Visa forced the company to allow signature verifications. Wal-Mart said “PIN is the only truly secure form of cardholder verification in the marketplace today, and it offers superior security to our customers.” The company further said that “customers understand PIN verification because it’s required to access their funds at ATM machines.”
Wal-Mart said “And VISA has acknowledged in many other countries that Chip and PIN offer greater security. VISA nevertheless has demanded that we allow fraud-prone signature verification for debit transactions in our U.S. stores because VISA stands to make more money processing those transactions,”
Randy Hargrove, company spokesperson said “Walmart believes Visa’s position creates unacceptable risk to customers and its actions and rules are inconsistent with federal law.”
Debit cards are the most common mode of payment at Walmart. Many big companies become prey to frauds done using cards, hence, it is better to make transaction more secure.
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