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Terminated Merchants System (TMS)

General Information

The Terminated Merchants System contains information about merchants whose contracts for accepting credit cards as a means of payment have been terminated by the acquiring banks. The termination of these contracts takes place due to reasons related to fraudulent activity (see below). The database does not include sensitive information concerning card usage or their owners personal data.

The Terminated Merchants System also aims at contributing to the protection of credit provided by banks and assuring reliable financial transactions. This purpose is attained by providing financial institutions access to the database mentioned above, thus, enabling them to evaluate risks undertaken when signing a contract with a merchant. Access to this database is provided for private use to credit institutions and payment card operators authorized to sign contracts card acceptance with merchants.


Data Categories

The reasons of termination of merchants contracts related to fraudulent activity are shown below:

Code Reason of Termination of Contract
1 Acceptance of cards that have been declared lost or stolen
2 Acceptance of cards not issued by the Card Operator or the Credit Institution.
3 Committing or typing valid or fraudulent transactions without the owners authorization
4 Violation of terms of the Cooperation Contract between the Institution and the Merchant not described by other codes
5 Characterization of the merchant as Common Point of Purchase
6 Money Laundering
7 Merchants that have filings for bankruptcy, or have been under liquidation or compulsory receivership or do not operate for any reason or have been disengaged
8 Misquotation of the prices of the transactions on the receipts
9 Self funding
10 Braking of Transactions
11 Inaccurate or Incomplete petitions for card issue (from merchant to Bank)
12 Inaccurate or Incomplete petition for cooperation of the merchant to the Bank
13 Completion of transactions appealing mock approval
14 Large number of cross-entries/ controversial transactions


Sources

The data of the Terminated Merchants System is channelled to Tiresias via electronic means/channels by the credit institutions and payment card operators that are authorized for signing contracts concerning card acceptance with merchants.


Storage Time

The merchants' data is maintained in the database for 5 (five) years from the date of termination of the contract. After the lapse of 5 years the data are automatically deleted.

 

     
     
 
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