Exposing Fraud Merchants/Companies

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Time and again we all have heard of many stories, read many reviews of unsatisfied merchants with their acquirers or payfacs or processors. Many reviews are there online, for the first time merchants to decide or make an opinion on that particular acquirer or payfacs or processors. But are those reviews really true?? If so how come every acquirers or payfacs or processor have such bad reviews. Or it’s just one part of the story.

Acquirers or payfacs or processors are vulnerable to merchant fraud in several different ways. Although many industry initiatives focus on fraud and identity theft, the reality is that a significant percentage of financial losses associated with credit and debit payments is the result of organized crime, business failures, inadequate monitoring of merchant accounts and financial loss from unfunded chargebacks.

As the saying goes, “ Experience is the best teacher”. With time and experience, we as a payment processing industry has evolved our technology to such an extent to detect crime of financial fraud. Developing an effective merchant processing risk program is more art than science and often requires a bit of foreknowledge and luck. No one has set any algorithm or methodology that can be used to manage transaction risk. Discovering transaction fraud may simply be the result of a notion sometimes, and at other times it may be based on years of risk-management experience. Each organization’s risk profile is unique depending on many factors, including merchant type, transaction volumes, technological resources, and other criteria.

Merchant account fraud can also involve more complex scams as well. Bust-out merchant scams are one of the most common approaches to credit fraud cases. Generally, a fake company is created that appears legitimate and the fake company applies for credit card processing abilities. After a credit card processor approves the fake merchant account, the “merchant” begins to process transactions with stolen credit card data or with fraudulent accounts. The merchant may:

  • Process transactions online using stolen credit card information.
  • Open up lines of credit using fake or stolen identifies and run transactions with the lines of credit.
  • Partner with consumers who provide their card information for a portion of the profits but then tell their bank the transaction was fraudulent
  • Set up a false storefront, accept customer payment for goods and not provide goods
  • Run transactions in a leased storefront and then disappear.

iPayTotal’s risk management team along with our partnered acquirers, payfacs and processors have launched this program that benefits the payment processing industry and assures them of complete satisfaction and confidence when reviewing any particular merchant’s case. This program would not only help our payment processing industry but would also give the first time merchants a scope or a window to judge an acquirer, a payfac or a processor before blindly going with the reviews available online.

In the last year, we worked with more than 1000 merchants and provided them solutions with our partner network and the experience of working with some of them was not only unpleasant but horrifying. We had multiple cases where the merchant was charging credit cards without the knowledge of his customer and even producing documentation when demanded from a past date.

The same merchants when their fraud was detected, started blaming and threatening to intimidate us. They openly challenged to defame the company using internet , social media and review websites. NOW IT’S  TIME TO EXPOSE THEM, IT’S TIME TO REVERSE THE CYCLE AND ITS TIME TO SAY “ENOUGH IS ENOUGH”.

We have finally decided to post details of all such fraudsters (individuals) and even companies who are doing frauds and more significant financial crime. We have all the documentation, proofs of their sales, their customer’s complaints and emails exchanged. 

Let’s join hands together to expose the CRIMINALS in the industry who are havoc not only for one payment processor but for the payment processing industry as a whole. We will be posting one story every day exposing each and every Company and Individual which has tried to play the dirty game of deception and intimidation. They are like extortionists who will blackmail you if you do not agree to their demands.

SILENCE doesn’t always mean that one is guilty or is incompetent, it’s just that we have much better and productive assignments to complete rather than wasting our valuable time and expertise(efficiency)on such fraudsters.

THE COUNTDOWN BEGINS……………

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