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Key facts (as of 29 October 2026)
- One programme: VAMP merged the earlier VAMP, the Visa Fraud Monitoring Program and the Visa Dispute Monitoring Program into one global programme, with updated thresholds from 1 June 2025 (Visa VAMP fact sheet).
- Ratio: count of fraud (TC40) plus disputes (TC15), divided by count of settled card-not-present transactions (TC05) (Visa VAMP fact sheet).
- Merchant threshold: Excessive at ≥150bps (1.5%) in AP, Canada, the EU and the US since 1 April 2026, down from ≥220bps. LAC ≥150bps. CEMEA ≥220bps (Visa VAMP fact sheet).
- Acquirer thresholds: Above Standard ≥50bps. Excessive ≥70bps (Visa VAMP fact sheet).
- Mastercard: its Excessive Chargeback Program flags merchants at 100+ chargebacks and a 1.5%+ ratio in a month, and "High Excessive" at 300+ and 3%+ (Braintree, an acquirer's documentation, not a Mastercard primary source).
- Dispute windows: most Visa disputes can be filed within 120 days; where delivery is delayed, Visa and Mastercard cardholders can have up to 540 calendar days from the transaction date (Adyen).
What a chargeback is
A chargeback reverses a card payment at the cardholder's request through their issuer. Reasons include fraud, goods not received and cancelled subscriptions. The merchant can contest with evidence. If the merchant loses, it bears the amount and a fee. Chargebacks are an important consumer protection and a major cost driver for high-risk sectors.
The dispute lifecycle
sequenceDiagram
participant C as Cardholder
participant I as Issuer
participant N as Card network
participant A as Acquirer
participant M as Merchant
C->>I: Disputes transaction (usually within 120 days)
I->>N: Raises dispute (TC15) or fraud report (TC40)
N->>A: Dispute forwarded, funds debited
A->>M: Debit plus chargeback fee
M->>A: Representment with evidence (about 30 days)
A->>N: Response submitted
N->>I: Issuer accepts or goes to pre-arbitration
I-->>N: Arbitration if still unresolvedVisa groups disputes into fraud, authorisation, processing error and consumer dispute categories (Visa dispute management guidelines). Merchants have a fixed window to respond, which differs by scheme and is set out in acquirer documentation (Adyen). Time limits vary by reason code, so check the current Visa Rules through your acquirer.
The VAMP ratio
VAMP ratio = count of [Fraud (TC40) + Disputes (TC15)] ÷ count of settled transactions (TC05)
According to Visa's fact sheet, the ratio:
- covers card-not-present VisaNet transactions, both domestic and cross-border
- excludes disputes resolved through pre-dispute solutions, subject to data timing
- excludes TC40 fraud that qualifies for Compelling Evidence 3.0, subject to data timing
Because disputes resolved through pre-dispute solutions are excluded, merchants have a clear incentive to settle complaints before they become formal disputes. Fraud reports count even when no dispute follows, so a merchant hit by card testing can breach VAMP without a single chargeback.
Thresholds
| Level | Region | VAMP ratio | Minimum monthly fraud + dispute count |
|---|---|---|---|
| Acquirer Above Standard | Global | ≥50bps | Regional minimum applies |
| Acquirer Excessive | Global | ≥70bps | Regional minimum applies |
| Merchant Excessive | AP, Canada, EU, US | ≥150bps from 1 April 2026 (was ≥220bps) | ≥1,500 |
| Merchant Excessive | LAC | ≥150bps | ≥1,500 |
| Merchant Excessive | CEMEA | ≥220bps | ≥150 and amount ≥US$75,000 |
Programmes for Brazil, Chile and India were to be announced separately. The advisory period ended on 30 September 2025. Excessive-merchant thresholds apply where the acquirer is not itself Above Standard or Excessive.
VAMP also requires acquirers to stop merchants exceeding enumeration thresholds. Enumeration means large volumes of automated authorisation attempts, as in card testing. The thresholds are an enumeration ratio of ≥2,000bps and an enumerated transaction count of ≥300,000.
Visa and Mastercard compared
| Feature | Visa VAMP | Mastercard Excessive Chargeback Program |
|---|---|---|
| Metric | Fraud reports plus disputes ÷ settled CNP transactions | Chargebacks this month ÷ sales transactions last month |
| Fraud counted without dispute | Yes (TC40) | No (chargebacks only; fraud has separate programmes) |
| Merchant entry level | ≥150bps and ≥1,500 count (most regions) | ≥1.5% and ≥100 chargebacks |
| Higher level | — | ≥3% and ≥300 chargebacks |
| Exit | Fall below thresholds | Three consecutive months below the ECM thresholds (Braintree) |
Mastercard figures come from Braintree's acquirer documentation, read on 29 October 2026, not a Mastercard primary document. Confirm with your acquirer.
WarningMerchants identified as Excessive must put risk mitigation in place, and acquirers face scheme consequences. For high-risk merchants, crossing a threshold often leads to higher reserves or termination long before scheme fines arrive.
Why high-risk sectors feel VAMP most
| Sector | Main dispute drivers | Typical controls |
|---|---|---|
| Gambling | Chargebacks after losses ("friendly fraud"); disputes over bonuses or withdrawals; unrecognised descriptors | Clear descriptors, 3-D Secure, fast withdrawals, deposit limits |
| CFDs and forex | ESMA reported in 2018 that national authorities' analyses showed 74–89% of retail CFD accounts typically lose money (ESMA); losing clients may dispute deposits | Appropriateness tests, risk warnings, record of client consent |
| Subscriptions | Forgotten renewals, hard cancellation | Renewal reminders, easy cancellation |
| Crypto ramps | Account takeover; buyer's remorse after price falls | Strong KYC, 3-D Secure, cooling-off delays |
Illustrative example: one bad month
Illustrative example. Figures are invented.
An EU operator settles 120,000 card-not-present Visa transactions in a month. It receives 900 disputes and 1,200 TC40 fraud reports, 300 of which became disputes and 150 of which qualify for Compelling Evidence 3.0. To keep the arithmetic simple, assume the overlapping 300 are counted once.
- Fraud plus disputes counted: 900 + (1,200 − 300 − 150) = 1,650
- VAMP ratio: 1,650 ÷ 120,000 = 1.375% (137.5bps)
The count is above 1,500, but the ratio is below 150bps, so the merchant is not Excessive this month. A card-testing attack adding 400 more fraud reports would push it to 170.8bps. The fix that matters most here is bot protection, not dispute representment.
NoteThe double-counting treatment above is a simplifying assumption for the example. Visa's fact sheet does not spell out deduplication, so ask your acquirer how it computes the ratio.
Stablecoins and disputes
Stablecoin payments carry no chargeback right, so they do not add to the VAMP ratio. That is not a reason to ignore disputes. Clear refund and complaints policies remain essential, and gambling and financial regulators expect them. Stablecoin-linked cards are a different matter: a stablecoin-funded Visa card is still a Visa card, so its transactions carry normal dispute rights.
Timeline
| Date | Event |
|---|---|
| 27 Mar 2018 | ESMA agrees CFD restrictions after finding 74–89% of retail accounts lose money |
| 1 Jun 2025 | Consolidated VAMP thresholds take effect |
| 30 Sep 2025 | VAMP advisory period ends |
| 1 Apr 2026 | Merchant Excessive threshold falls from 220 to 150bps in AP, Canada, EU and US |
Q/A
Is 1.5% a lot?
At the ≥1,500 monthly count minimum, it captures merchants with large card-not-present volume. Smaller merchants under the count minimum are not identified, but their acquirers still watch their ratios.
Do non-card payments count towards VAMP?
No. VAMP measures Visa transactions only.
What is Compelling Evidence 3.0?
A Visa framework that lets merchants defeat certain fraud disputes by showing the same cardholder made earlier undisputed purchases with matching device or account data. Qualifying TC40s are excluded from the VAMP ratio.
Should merchants refund rather than fight?
Often, for small amounts. A refund before a dispute is filed avoids a TC15. Pre-dispute services that resolve cases are also excluded.
Do stablecoin card programmes change the dispute picture?
No. Disputes are raised with the card issuer as normal.
How quickly can VAMP status change?
Visa monitors monthly. One bad month can trigger identification.
Sources
- Visa, Visa Acquirer Monitoring Program fact sheet (2025): https://corporate.visa.com/content/dam/VCOM/corporate/visa-perspectives/security-and-trust/documents/visa-acquirer-monitoring-program-fact-sheet-2025.pdf
- Visa, dispute management guidelines for merchants: https://usa.visa.com/dam/VCOM/global/support-legal/documents/merchants-dispute-management-guidelines.pdf
- Adyen, dispute timeframes: https://docs.adyen.com/risk-management/understanding-disputes/dispute-timeframes
- Braintree, Mastercard Excessive Chargeback Program: https://developer.paypal.com/braintree/articles/risk-and-security/card-brand-monitoring-programs/mastercard-programs/excessive-chargeback-program
- ESMA, CFD and binary options measures (27 March 2018): https://www.esma.europa.eu/press-news/esma-news/esma-agrees-prohibit-binary-options-and-restrict-cfds-protect-retail-investors
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