A Penny For Your Fraud Prevention? Fed Tweaks Interchange

By  |  July 31, 2012
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The Federal Reserve Board approved a final rule for the regulation of debit card interchange fees that lets issuers charge more when they actively seek to reduce fraud.

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    An issuer may charge an additional fee of up to one cent per transaction if it “develops and implements policies and procedures that are designed to reduce the occurrence and costs of fraudulent debit card transactions,” the Fed said in an official statement recently. The rule also requires an annual review of that policy, as well as regular updates.

    The newest and potentially last rule for debit interchange goes into effect on October 1.

    Read the full release here.


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