VFMP

Visa's legacy merchant-monitoring program for excessive fraud, replaced by VAMP in April 2025. Tracked TC40 fraud-report rates independently from disputes. Now functionally subsumed under VAMP's combined ratio framework, but referenced in merchant agreements drafted before April 2025.

In practice.

VFMP tracks confirmed fraud reported by issuers through TC40, separately from disputes. Card-testing attacks and weak screening push merchants over its thresholds even when chargebacks look controlled. If fraud reports are climbing, tighten velocity rules and 3DS routing before the program letter arrives.

Related terms: VAMP · VDMP · TC40 · Fraud rate