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Early fraud warnings (EFWs) represent alerts issued by Visa and Mastercard that card issuers utilize to flag transactions suspected of being fraudulent. These communications serve a dual purpose:
  1. They offer merchants the chance to refund questionable payments before they escalate into formal fraud disputes.
  2. The networks leverage EFWs as performance metrics to evaluate a merchant’s fraud risk profile. Visa specifically incorporates these warnings into their VFMP monitoring program for identification purposes.