Posts in Category: glossary

Skimming

Skimming refers to the replication or copying of account information from the magnetic stripe of a credit or debit card (including a prepaid debit card) for use in making fraudulent transactions.
Skimming of magnetic stripe information from prepaid debit cards, credit cards, and other payment cards allows thieves

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Verified by Visa

“Verified by Visa” refers to a program operated by Visa which is a free, simple-to-use service that confirms your identity with an extra password when you make an online transaction using your prepaid debit Visa card. To use the service, you need to register your card (you can do

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Universal Prepaid Debit Cards

“Universal” prepaid debit cards are also known as “network branded” or “open loop” prepaid debit cards. These are cards that are accepted at most merchants. The cards are typically branded with the Visa, MasterCard, American Express, or Discover brands which allows them to be used at any merchant

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Social Security Number

A “Social Security Number” is a unique nine-digit number issued to U.S. citizens, permanent residents, and temporary residents of the United States. The Social Security Number (also referred to as an “SSN”) is issued to people in the United States by the Social Security Administration, and is used to

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Virtual Debit Card

A virtual debit card is a debit card that is issued (or usable) without a corresponding plastic card. The funds associated with the card can be accessed without use of a plastic card.

Virtual debit cards (and their cousins, virtual credit cards) are simply card numbers that are issued

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Zero Liability

“Zero liability” is a term used by Visa to describe a U.S. card program that applies to certain U.S. transactions conducted using Visa prepaid debit cards. Visa’s Zero Liability policy is a guarantee that you won’t be held responsible for fraudulent charges made with your prepaid debit Visa card

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Merchant agreement

A merchant agreement is the written agreement between a merchant and a bank that contains their respective rights, duties and warranties, with respect to acceptance of the bank card and matters related to the bank card activity.

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