Visa Check Cards Suspicious Transaction Report

Answered by:

Question:

We have a 3rd party vendor that manages our VISA check cards. We receive monthly reports of our customer’s check cards that have been compromised. We block access to the check card number that was reported compromised and then re-issue a new check card to our customers. My question is at what point should this type of occurrence of VISA check cards being compromised be reported as a suspicious transaction report?

Answer:

Unless you have a suspect for the source of the compromise (unlikely) you would not need to file unless the amount of attempted transactions (approved or denied) exceeds $25,000.00 from a single breach. If you can identify a suspect then the threshold is $5,000.00.

First published on BankersOnline.com 11/14/11