By Melody Lashmar - Over the last few months I have been investigating and writing about consumer initiated fraud. I have been defining the issue, giving recent examples of the issue, providing data about the issue and demonstrating that it is a known issue and has been for quite sometime.
Along with providing to you a solid foundation of understanding regarding the issue of...
This past year I had the good fortune to participate in a day of education related to credit card fraud: how it happens and how we can reduce it. I was delighted to see this article that shows one such credit card ring getting eliminated. One of the key points to this setup is to note the length of time and the depth of detail that has gone into this fraud ring. These people are...
By Melody Lashmar - Another mention of consumer initiated fraud was found in this paper published by the Philadelphia Fed http://www.philadelphiafed.org/consumer-credit-and-payments/payment-cards-center/publications/discussion-papers/2002/fraudmanagement_042002.pdf, In November 2001, The Philadelphia Federal Reserve office hosted a workshop on fraud management in the credit card...
By Melody Lashmar - In my search for any indication that someone has investigated this problem of Consumer Initiated Fraud, I came across a survey that was published in the Journal of Marketing in October 1978. The title of this publication is "Fraudulent Behavior of Consumers. The other side of fraud in the marketplace: consumer-initiated fraud against a business." This survey...
By Melody Lashmar - The Invention of Lying is a great flick if you haven't seen it. I think it captures the reality of today’s payment landscape. Those that make the rules, do so in the perceived environment of the consumer being truthful.
By Melody Lashmar - Stop what you are doing and go to Google, type in adult merchant account and see what you get. You will be served up oodles of sites telling you they offer adult merchant accounts and are experts in it!! Seriously, how many of those names do you even recognize?
It seems that as the regulators and associations are clamping down on high-risk business, more and...
Westlake Village, CA - L3 Payments LLC, the leading choice for merchant accounts, ACH processing, call center services, risk management and consulting, has received a nomination for Billing Company of the Year – Merchant Services for the 2013 XBIZ Awards.
With every application for a new merchant account, the underwriter is going to pull a credit report on you. The importance of this credit report should not be ignored. Even if you have current processing history, great tax returns, lived in the same place for years, etc, a bad credit report will often be the difference in whether or not you will get your new merchant account.
By Melody Lashmar - It is well known by everyone, including consumers, that consumers bear no responsibility for protecting their information from others. If their information is used, and they decide that they no longer want it to be used, then they merely have to dial up their bank and say "I did not authorize this transaction". Very simple indeed. The consumer gets their money...
