GSI Markets is a forex broker that offers two basic account type. This offers a commission-free standard account and an ECN account. The accounts come with variable spreads. Micro tradeable lots and swap-free services are also offered.
GSI market has applied for a processing solution with Ipaytotal Ltd. The merchant has been provided with an aggregate processing solution. But little did he understood that we have a robust technology at the backend to detect fraudulent transactions.
Our Payment Gateway has an inbuilt ‘Risk’ logic which can sniff out a possible fraud faster than a K9 squad. Let’s say a merchant who gets 3-4 online orders in a day suddenly starts to get 300 daily orders. A sudden spike in transaction velocity (number of transactions per minute/hour/day), volume (amount transacted for), or pattern (international orders for a local brand) is an indicator of fraud and our systems immediately flag such transactions for further investigations.
Our ‘Risk’ logic also has 72 odd rules for monitoring the thousands of transactions on our payment gateway on a daily basis. This logic is designed according to the merchant, and our logic pathway can easily differentiate between standard day-to-day transactions and those that carry a high probability of risk.
Every time a card is used for payment, our gateway connects with the card provider to check if the card has been hotlisted. (Hotlisting means that the card has been blocked temporarily or permanently for use). This is done in real-time so that a verified transaction is still completed within seconds, while the suspicious ones get flagged.
Flagged transactions are very common in High-Risk Industry. It’s an additional security measure implemented by the bank to check the authenticity of the transaction. Since we have been alerted about the transaction pattern, we ensured that none of his transactions gets processed in real-time until we complete our due diligence on GSI Market.
His greed to mint quick money was so high that within 7 days of processing, he fraudulently processed a hefty amount.
“Much wants more and loses all.”
Once we conducted a thorough investigation of his sales, we found out that the customer’s personal info is not valid and when we tried to connect with those customers, they refused to have authorized the payment.
Ipaytotal Ltd supports processing solutions to our clients who are looking for a payment option. We do not support any FRAUDSTERS or FRAUDULENT activity.
Our Risk Team immediately terminated the merchant for its illegal and fraudulent activity. Also since the transactions were not captured, due to risk assessment and were only authorized, the authorization was canceled and no money was charged to any customer.
Not to our surprise, knowing that their plan has been caught and they failed to mint quick money, they crossed every limit of decency and professional behavior. They did everything they can to tarnish our reputation and image.
They sent us threatening emails and posted BAD reviews online..
|Legal name of company||Media Force Limited||Company registration number||89321|
|Business registration date||06-Mar-2016|
|Registered address||Trust Company Complex, AJELTAKE Road, AJELTAKE Island,||ZIP Code||MH96960|
|Business Industry||Forex||Name of primary contact person||Dan Ghitza|
|Phone number||+(44) 203 150 1||Email firstname.lastname@example.org|
Beware of this merchant/company
All over the internet, this merchant has a poor and a suspicious presence.
Are just few links.
Now to all our readers, it’s your opinion which matters to us the most. Going through the facts and proofs which we presented for this company, I’m sure you would agree with us and our stand.
IPAYTOTAL DOESNT SUPPORT FRAUDULENT ACTIVITY OR FRAUD MERCHANTS
Wait for our next update……….