Processing Fraud Alert!
There is a company doing processing in the adult space that is sending in false applications to banks in mass quantities without the client's approval.
I know of at least two major companies who have fallen victim to this scam. I'm sure there are many more.
The way it works, as I understand it, is these people send in false information about the company hoping to get an approval. If they do then they try to contact the merchant and tell them they have a merchant account for them.
One processor I work with tells me this guy has sent him numerous applications and when he gets approvals not one has ever integrated. This is one of the largest PSP's in Europe by the way. I've heard a similar story from another huge EU PSP I work with.
I am not at liberty to post the name of the company in this space, due to legal reasons. People have sued for far less.
But I will say that the individual who is the main guy in the company has less then a stellar reputation and a criminal past.
|
Hybrid Mode
