Two major credit card operators, Visa and MasterCard Europe, have agreed to guidelines set out by the EU to crack down on payment card fraud.
The new guidelines, announced on Wednesday, could save banks and retailers 200 million euros ($264.3 million), according to Reuters reports.
The EC announced that the guidelines lay out the conditions governing the operation of databases on retailers who are no longer permitted to accept payment cards.
Credit card operators such as Visa and MasterCard consult such databases, containing names of retailers whose contracts are terminated, mostly linked to fraud, before contracting new merchants.
"The guidelines will help banks prevent fraud and ensure that merchants' privacy is better protected," the European Commission stated.Click here to find the best credit card deal for you.
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