Visa has agreed to increase pay to banking institutions when they have to reissue cards in the wake of data breaches, Bank Info Security reports. Visa will reimburse on a tier system, with more help going to community institutions than the larger brands. The reimbursements will work on an annual card-purchase volume. There’s been an ongoing debate between merchants and banking institutions over who should be held accountable for card fraud. While banks say retailers should be held accountable for expenses related to breaches in which they hold some responsibility, retailers say the interchange fees they pay to card brands to route transactions are meant to cover breach-related expenses.
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