Glossary
Floor Limit |
An amount that Visa and MasterCard have established for single transactions at specific types of merchant outlets and branches, above which authorisation is required. |
Fraudulent Transaction |
A transaction unauthorized by the cardholder of a bankcard. Such transactions are categorized as lost, stolen, not received, issued on a fraudulent application, counterfeit, fraudulent processing of transactions, account takeover, or other fraudulent conditions as defined by the card company or the member company. |
Fraudulent User |
An individual who is not the cardholder or designee and who uses a card (or, in a mail/phone order or recurring transaction, an account number) to obtain goods or services without the cardholders consent. |