ࡱ> >@=c bjbjʉʉ .&ff$$iiiii}}}} }!$JiiiTTT^iiTTTTЍ p"T0!T!l!T!iT8Tl!!$ /: College/Department Liability for Purchasing Card Purchases Our college purchasing cards are considered commercial rather than personal credit cards. According to our credit card agreement (contract) with JP MorganChase, the college is liable for any lost/stolen/misused purchasing card transactions made before the time we notify the bank of the issue. There is no liability limit associated with commercial credit cards except in the case of employee fraud. Therefore, it is very important that cardholders safeguard their individual or department card in the same manner they handle their own personal credit card and report any loss immediately. The type of purchasing card (individual or department) has no bearing on our liability. Where the type of purchasing card becomes relevant is in the recovery effort. Regardless of the type of card, the bank will try to help us recover the money we are liable for through a chargeback to the merchant and a corresponding credit to our account. The type of card is significant here, because the chargeback rights are limited with department cards. Department cards are issued in the name of a department rather than the name of an individual. They may be used by anyone, so they especially need to be secured and kept track of centrally within the department if possible. It is the responsibility of the department chair to assure that inappropriate individuals do not use it. We even suggest that the department write on the signature line of a department card, Check for College ID. This will add some security by prompting merchants to ask for a college ID to assure, at a minimum, that someone associated with the college is using the card. If the college uses a purchasing card issued in the name of a department, it is waiving certain dispute rights where a card members signature is required. Because a department card can be used by anyone in possession of the card or with access to the credit card number for non-face-to-face transactions, JP MorganChase cannot chargeback a disputed purchasing card transaction to the merchant if it is disputed because of fraud or misuse as a result of lost/stolen/compromised card numbers and cards until the card is reported as lost/stolen or compromised. The thinking behind this is that since there is no individual name associated with the card and many individuals use the card, the merchant would never know if the person presenting the card is legitimate or not. JP MorganChase views department purchasing cards as a risk sharing product. The college/department is agreeing to share the risk since the bank cannot control how the cards are used or secured once they are in the hands of employees. The college is, however, protected by the MasterCoverage Protection Program (up to $15,000 per cardholder) from employee fraud related to individual or department cards issued to an employee for employee purchases made on behalf of the college. The college is covered up to 75 days before the card is canceled and 14 days after the card is canceled, and is contingent on tracing the fraud back to a specific employee and termination of the employees employment with the college. Also, JP MorganChase monitors all card transactions for unusual activity on a daily basis, helping to identify fraudulent activity as it occurs. This practice helps mitigate the potential fraud liability the college may incur on cards that have been lost or stolen without our knowledge. Each day the JP MorganChase security operations department monitors unusual activity that may occur on our cards. Unusual is defined by mathematical algorithms derived from historical card usage statistics (e.g., velocity, type of use-phone vs. in person, etc.) Cardholders or the Controllers Office may be contacted if unusual activity is detected. Since the monitoring of such activity is conducted only after a pattern of unusual activity is established, some transactions may be processed prior to the cardholder or the department being contacted. Also, each card is issued with electronic controls for a single purchase limit of $1,999 or $4,999, monthly or cycle limits of $5000 or higher based on average monthly usage or current need, and limitation of use with only certain types of merchants. This further helps to mitigate the potential liability of the college. The college will actively pursue all instances of fraudulent use of college purchasing cards with all legal means available. The advantage of department purchasing cards is the fact that they may be used by anyone who the department authorizes to do so. This eliminates the need to obtain individual purchasing cards for each and every individual within a department who performs a purchasing card function and adds the convenience of having one centrally controlled purchasing card. The primary disadvantage is the waiving of certain dispute rights relative to purchases made by individuals not authorized to do so and the need to especially secure and limit access to the card. 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