As you correctly point out, you cannot file a fraud related chargeback for Verified by VISA transactions. However, depending on the circumstances of the approval, you may have a chargeback right for code 72 "No Authorization."
From VISA International Operating Rules Chargeback Conditions - Reason Code 72 (Updated)
1. The Transaction exceeded the Floor Limit and Authorization was not obtained on the Transaction Date.
2. Authorization was obtained using invalid or incorrect data, or the Merchant Category Code used in the Authorization Request does not match the Merchant Category Code in the Clearing Record of the first Presentment for the same Transaction.For Chargeback Condition 2, all of the following:
a. The Chargeback applies for the entire Transaction amount
b. The Chargeback applies when the Authorization Request and Clearing Record are processed by either the same or different Acquirers
c. The Authorization is invalid if the Merchant used invalid or incorrect Transaction data, as
specified in the applicable VisaNet Manuals, such as:
i. Incorrect Transaction Date
ii. Incorrect Merchant Category Code
iii. Incorrect indicator for the Merchant or Transaction type
iv. Incorrect country code/state or special condition indicator
The invalid country code is not an automatic chargeback win. The institution must provide additional documentation to substantiate why the incorrect country code led to your institution taking a loss.Effective for Chargebacks processed on or after 20 April 2013,
in lieu of documentation, for Transactions not involving Issuers or Acquirers in Visa Europe, Issuer certification that the Authorization Request would have been declined if valid data had been provided and an explanation of why the inclusion of valid data would have caused the Authorization Request to be declined.
I hope this info helps. I also invite you to check out my upcoming webinar comparing VISA rules and Reg E. Reg E vs. VISA: Debit Card Dispute Resolution
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