#credit card merchant service

[merchantpartner]

Merchant Partner

Merchant Services Provider offering POS brokering, Payment processing/credit card processing, mobile payments, consumer finance, business capital and ISV integrated processing.

Address: 12275 Bass Lake Rd, Merrifield, MN 56465, USA Phone: 218-838-8337 Website: http://merchantpartner.co

[kawinblog]

Precisely Choosing The very best Merchant Accounts provider in California

With regard to any individual who's making an effort in order to introduce the web-based organization, opting about the right credit card processing accounts service unquestionably is definitely an valuable piece associated with one’s business. The web based merchant accounts is going to be capable in order to supply a banking account which usually may organize what ever profit that you'll gain within the vendor take into account your online business, also in order to control whatever on the internet charge card processing needed because of your firm ’s internet based company. Nevertheless, this absolutely is actually necessary in order to choose the most suitable Merchant business accounts service for the company’s orders in order to make sure that you've valuable company deals.

Regarding make sure that that you simply frequently experience the top providers, you'll intend in order to benefit from the actual organization that certainly might furnish your own corporation the provide in order to gain your own investment should you aren't satisfied using the assistance these people offer you. So you'll have the choice to look at the actual support service from the Merchant service accounts organization, and when a person will not end up being fulfilled along with individuals knowledge on offer compared to you're qualified to possess the money taken back.

Merchant company perfectly fulfilled using the knowledge provided through e-commerce Merchant organization. The actual wonderful Merchant support Accounts Supplier may normally give customers several that they can might take advantage of from free of cost in a challenges appear, as well as this can be a essential feature from the company’s support service for their potential customers.

The actual fees the actual provider bills ought to be affordable, plenty of various businesses giving very poor client support will attempt to consider benefits associated with people which make use of their own providers to be able to make up for that much less volumes associated with customers that utilize them. The actual almost all wonderful companies will be willing to offer the cheapest charges, simply because these people attain because much company because they want in order to supply reduce costs.

Presently there genuinely shouldn't be any kind of fee with regard to starting the actual merchant accounts, functions, development, implementing together with countless additional solutions that are the significant section associated with configuring the merchant banking account. The actual organizations that will deliver a person the actual perfect gains never cost your organization with regard to these types of goods, plus they are likely to let you to definitely rent their own providers from absolutely no special price.

Identify in case your merchant might maintain bank card processing associated with foreign charge cards, mainly because this may turn into very important in the event that might be your own contracts encounters growing for an world degree. Check with the actual charge card processing organization exactly what the actual book expense may be, or even the actual total that the merchant banking account provider keeps within cases associated with people requesting repayments using their charge card orders.

[paycly0]

The Power of Global Transactions: Leveraging Offshore Merchant Accounts for Forex Trading Platforms

In the bustling world of foreign exchange (Forex) trading, the ability to navigate global markets efficiently and securely is paramount. Forex trading platforms rely on robust payment solutions to facilitate transactions seamlessly and attract clients from around the world. One such solution that has gained popularity in recent years is offshore merchant accounts.

Understanding Forex merchant accounts

Forex merchant accounts are specialized accounts tailored to meet the unique needs of Forex trading platforms. They enable businesses to accept payments from clients for trading activities, including buying and selling currencies, using various payment methods such as credit cards, bank transfers, and electronic wallets.

An offshore merchant account, on the other hand, is a merchant account held by a business in a foreign jurisdiction, often known for its favorable regulatory environment and tax policies. These accounts offer several advantages for Forex trading platforms, including global market access, reduced regulatory restrictions, potential tax advantages, and enhanced privacy and security.

Global Market Access: Expanding Horizons

One of the primary benefits of Forex merchant accounts for Forex trading platforms is the ability to access global markets. By establishing a presence in multiple jurisdictions, Forex brokers can attract clients from diverse geographical regions, thereby expanding their customer base and increasing trading volumes. This global reach allows traders to access a broader range of currency pairs and trading opportunities, enhancing their profit potential.

With Paycly, Forex trading platforms can tap into emerging markets and capitalize on new trading opportunities. By offering their services to clients from around the world, brokers can diversify their revenue streams and reduce dependence on any single market or region. This diversification strategy not only mitigates risk but also positions Forex brokers for long-term growth and sustainability.

Moreover, Paycly's Forex merchant accounts provide access to different regulatory environments and trading conditions, allowing brokers to tailor their offerings to suit the preferences and requirements of clients in various markets. Whether it's offering competitive spreads, flexible leverage options, or localized customer support, Forex brokers can customize their services to meet the unique needs of clients from different regions.

By expanding their reach globally with Paycly, Forex trading platforms can also benefit from increased liquidity and trading volumes. With a larger pool of traders participating in the market, there is greater depth and breadth of liquidity, resulting in tighter spreads and reduced slippage for traders. This improved market efficiency enhances the overall trading experience for clients, leading to increased satisfaction and loyalty.

Top of Form

Reduced Regulatory Restrictions: Operating with Flexibility

Offshore merchant accounts often entail fewer regulatory restrictions compared to domestic accounts, providing Forex trading platforms with greater flexibility and autonomy. With reduced regulatory burdens, brokers can offer a wider range of trading products and services, implement innovative trading strategies, and adapt more quickly to changing market conditions. This flexibility fosters a dynamic trading environment that benefits both traders and brokers alike.

Tax Advantages: Maximizing Profitability

Forex merchant accounts from Paycly offer potential tax advantages for Forex traders. By establishing a presence in jurisdictions with favorable tax policies, brokers can minimize their tax liabilities and retain more of their profits. Additionally, offshore jurisdictions may offer other financial incentives, such as lower corporate tax rates, tax exemptions for certain types of income, and confidentiality protections for financial transactions. These tax advantages can significantly enhance the profitability of Forex trading operations.

Diversification of Risk: Safeguarding Stability

Operating in multiple jurisdictions allows Forex trading platforms to diversify their risk across different markets and regulatory environments. This diversification helps mitigate the impact of adverse events or regulatory changes in any single jurisdiction, safeguarding the stability and continuity of the trading platform. By spreading their risk, brokers can protect themselves against unforeseen challenges and maintain a resilient business model.

Enhanced Privacy and Security: Protecting Traders' Interests

Paycly’s offshore merchant accounts offer enhanced privacy and security for Forex traders, thanks to stringent confidentiality laws and robust data protection regulations in offshore jurisdictions. This provides traders with added peace of mind, knowing that their personal and financial information is safeguarded against identity theft, fraud, and other security threats. Enhanced privacy and security measures contribute to a safer and more secure trading environment, fostering trust and confidence among traders.

Conclusion:

In conclusion, offshore merchant accounts offer a myriad of benefits for Forex trading platforms, including global market access, reduced regulatory restrictions, potential tax advantages, risk diversification, and enhanced privacy and security. By leveraging the power of Paycly, Forex brokers can enhance their competitiveness, attract a broader client base, and seize opportunities for growth and expansion in the dynamic world of Forex trading. With the right payment solutions in place, Forex trading platforms can thrive in today's global marketplace, offering traders unparalleled access to diverse trading opportunities and empowering them to achieve their financial goals. Visit us at: International credit card processing

Originally published on: Medium

[unisonpaymentca]

Unison Payment

Since 2017, Unison Payment has been a leading merchant services provider for small to medium-sized businesses. Offering merchant solutions for gift cards, loyalty and zero percent credit card processing programs for merchants.

Free Clover

[offshoregateways]

Internet merchant accounts for High risk Business?

Internet merchant accounts for High risk Business? Internet merchant accounts are essential for "high-risk businesses" to conduct online transactions smoothly and efficiently. As the world continues to embrace digitalization, it is becoming increasingly important for businesses to establish an online presence and cater to the needs of their customers. However, certain industries are deemed high-risk due to various factors such as chargeback rates, fraud potential, or legal and regulatory concerns. To navigate these challenges and ensure a "secure payment process", high-risk businesses must obtain "internet merchant accounts" that provide the necessary tools and protection.

High-risk businesses encompass a wide range of industries, including online pharmacies, adult entertainment platforms, and online gambling websites. These industries are considered high-risk due to the potential for fraudulent activities, strict legal and regulatory oversight, or customers disputing charges and demanding chargebacks. Thus, "acquiring an internet merchant account" specifically designed for high-risk businesses is crucial for their survival and growth.

An internet "merchant account for high-risk businesses" offers several advantages. Firstly, it provides businesses with a secure payment gateway that enables credit card transactions and protects sensitive customer information. Given the nature of high-risk businesses, security measures must be in place to prevent unauthorized access, data breaches, and fraudulent activities. Consequently, an internet merchant account with robust security features promotes trust between the business and its customers, increasing customer satisfaction and loyalty.

Another significant benefit of internet "merchant accounts for high-risk businesses" is the ability to manage chargebacks effectively. Chargebacks occur when customers dispute transactions and request a refund directly from their issuing banks. High-risk businesses often experience a higher rate of chargebacks due to factors such as dissatisfied customers, fraud, or illegal activities. Therefore, an effective chargeback management system provided by an internet "merchant Bank account" allows businesses to resolve and mitigate chargeback disputes efficiently, minimizing financial losses and maintaining a positive reputation.

Furthermore, internet merchant accounts cater specifically to the unique needs and legal compliance requirements of "high-risk businesses". Each industry has its regulations and restrictions that necessitate careful attention and adherence. For instance, pharmaceutical businesses must comply with strict FDA guidelines, while online gambling platforms must follow local and international gambling laws. By partnering with a "merchant account provider specializing in high-risk businesses", these organizations can ensure compliance and avoid penalties, legal issues, and potential shutdowns.

In conclusion, "high-risk businesses require internet merchant accounts" to facilitate secure and efficient online transactions. These accounts provide crucial benefits such as secure payment gateways, effective chargeback management systems, and compliance with industry-specific regulations. By obtaining an internet merchant account designed for high-risk businesses, organizations can navigate the challenges associated with their industries, protect their customers' sensitive information, and ensure a smooth payment process. Embracing the digital era and establishing a strong online presence are crucial for high-risk businesses to remain competitive and thrive in today's market.

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[merchantservices444]

Do You Need Good Credit for a Merchant Account?

(Human directed ai content.)

In today's digital age, having a merchant account is crucial for businesses of all sizes. Whether you're a small startup or an established corporation, accepting credit and debit card payments is often essential for maximizing sales and providing convenience to customers. However, one common concern among business owners is whether good credit is necessary to obtain a merchant account. Let's delve into this topic to understand the role of creditworthiness in acquiring a merchant account.

Firstly, it's essential to grasp the concept of a merchant account. A merchant account is a type of bank account that allows businesses to accept payments via debit or credit cards. When a customer makes a card payment, the funds are transferred from the customer's account to the merchant account. From there, the funds are typically deposited into the business's regular bank account within a few days, minus any fees charged by the payment processor.

Now, onto the question of creditworthiness. While it's true that some payment processors may conduct credit checks as part of their application process, having perfect credit isn't always a prerequisite for obtaining a merchant account. Many factors come into play when payment processors assess an applicant's eligibility, and credit history is just one of them.

Payment processors may consider various factors when evaluating a merchant account application, including:

Business Type and Industry: The nature of your business and the industry you operate in can influence the risk assessment process. Some industries are considered higher risk than others, such as travel, adult entertainment, or e-commerce.

Processing History: If your business has a history of processing payments, especially with the same payment processor, it can positively impact your application. A track record of successful transactions demonstrates reliability and reduces perceived risk.

Business Financials: Payment processors may review your business's financial statements, including revenue, cash flow, and profitability. A healthy financial position can enhance your chances of approval, even if your personal credit isn't stellar.

Chargeback History: A high volume of chargebacks can raise concerns for payment processors, as it suggests potential issues with customer satisfaction or service quality. Minimizing chargebacks is essential for maintaining a positive relationship with payment processors.

Compliance and Legal Factors: Adherence to industry regulations, such as PCI DSS (Payment Card Industry Data Security Standard), is crucial for securing a merchant account. Compliance with anti-money laundering (AML) and Know Your Customer (KYC) requirements is also essential.

While credit checks are a standard part of the application process for some merchant account providers, there are alternative options available for businesses with less-than-perfect credit. For instance, high-risk merchant account providers specialize in serving businesses with higher perceived risk due to factors like poor credit, industry type, or processing history. These providers often offer tailored solutions and may be more lenient in their credit assessment criteria.

Additionally, some payment processors offer "instant approval" or simplified application processes that may not involve extensive credit checks. However, these options may come with higher fees or more stringent terms to offset the perceived risk.

Ultimately, while good credit can certainly improve your chances of obtaining a merchant account and may lead to more favorable terms, it's not always a deal-breaker. Businesses with less-than-perfect credit can still explore options for accepting card payments and finding a payment processor that meets their needs.

In conclusion, while good credit may be beneficial when applying for a merchant account, it's not necessarily a requirement. Payment processors consider various factors beyond credit history when assessing an applicant's eligibility, including business type, processing history, financials, and compliance measures. Businesses with less-than-perfect credit can explore alternative options, such as high-risk merchant account providers, to secure the payment processing solutions they need to thrive in today's competitive market.

[creditcardprocessingsingapore]

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[auxpay]

Ditch checkout lines, embrace checkout bliss! AuxPay smooths payments, boosts business, & makes customers swoon. Frictionless future awaits! Join the revolution! +1-844-452-1234 #payments #paymentprocessing #paymentgateway #paymentsystem #paymentsolutions #auxpay ✨

[paycly0]

The Gateway to International Trade: Offshore Merchant Accounts and Instant Approval

Are you looking to expand your business into international markets? Are you seeking a seamless and efficient way to process payments from customers worldwide? Look no further! Paycly’s gateway to international trade awaits you with offshore merchant accounts and instant approval. As an expert content writer, Paycly unlocks a world of opportunities for your business. These accounts are specifically designed to handle international transactions, making them indispensable for companies with a global customer base.

Understanding Offshore Merchant Accounts

Offshore merchant accounts are specialized financial accounts that allow businesses to accept payments in various currencies, particularly those outside their home country. They offer the flexibility needed to navigate the complexities of international trade, providing a platform for seamless cross-border transactions. With the combination of instant approval, businesses don’t need to waste any more time waiting, and they can focus on other business strategies.

Exploring the Need for Instant Approval

In the fast-paced world of international trade, time is of the essence. Delays in obtaining merchant account approval can hinder a business's ability to swiftly engage with international customers and partners. This is where the need for Paycly’s offshore merchant account instant approval solutions becomes evident. Businesses require efficient mechanisms that streamline the process of acquiring these accounts, ensuring they can swiftly capitalize on global opportunities.

The Benefits of Instant Approval for Offshore Merchant Accounts

Speed and Efficiency: With instant approval, businesses can swiftly access their offshore accounts, enabling them to kickstart international transactions without unnecessary delays.

Seamless Global Reach: Instant approval paves the way for businesses to seamlessly reach customers across borders, fostering a broader international customer base.

Currency Flexibility: By securing offshore merchant account instant approval, businesses can transact in multiple currencies, catering to the diverse needs of global clientele.

Enhanced Competitiveness: Quick access to offshore accounts bolsters a company's competitive edge in the global marketplace, allowing it to respond promptly to market demands.

Reduced Opportunity Costs: Instant approval mitigates the risk of missed business opportunities, ensuring that companies can promptly capitalize on international trade prospects.

Overcoming Regulatory Hurdles: Compliance and Instant Approval

Navigating regulatory requirements is a critical aspect of obtaining offshore accounts. Instant approval solutions are designed to address compliance challenges effectively, ensuring businesses meet the necessary regulatory standards while expediting the approval process. By aligning with regulatory frameworks, offshore merchant account instant approval gives businesses the confidence to engage in international trade while maintaining adherence to legal and financial regulations.

The Future Landscape: Technology and Instant Approval for Offshore Merchant Accounts

As technology continues to advance, the future landscape of offshore accounts, especially those provided by Paycly, is poised for innovation. Enhanced automation, robust security measures, and streamlined verification processes are anticipated to further expedite the approval of offshore accounts. Paycly's commitment to leveraging cutting-edge technology will play a pivotal role in simplifying the onboarding process for businesses seeking to establish offshore accounts, fueling greater efficiency in international trade transactions.

In conclusion, Paycly's offshore merchant account with instant approval serve as the gateway to international trade, empowering businesses to navigate global transactions with ease and agility. As companies strive to expand their reach across borders, the seamless accessibility of these accounts through Paycly's instant approval solutions is instrumental in realizing their international trade ambitions. By embracing the benefits of instant approval and leveraging technological advancements, businesses can embark on a journey of global growth and success, transcending boundaries to connect with a world of opportunities.

In the ever-evolving landscape of international trade, the synergy between Paycly's offshore merchant accounts and instant approval continues to redefine the possibilities for businesses, propelling them towards a future of boundless global commerce. Visit us at: High risk merchant instant approval

Originally published on: Medium’Article

[high-risk-merchant-account]

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+65-82400362

#payments #paymentprocessing #paymentgateway #paymentsystem #paymentsolutions #paycly ✨

[mostlysignssomeportents]

How I got scammed

If you'd like an essay-formatted version of this post to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:

https://pluralistic.net/2024/02/05/cyber-dunning-kruger/#swiss-cheese-security

I wuz robbed.

More specifically, I was tricked by a phone-phisher pretending to be from my bank, and he convinced me to hand over my credit-card number, then did $8,000+ worth of fraud with it before I figured out what happened. And then he tried to do it again, a week later!

Here's what happened. Over the Christmas holiday, I traveled to New Orleans. The day we landed, I hit a Chase ATM in the French Quarter for some cash, but the machine declined the transaction. Later in the day, we passed a little credit-union's ATM and I used that one instead (I bank with a one-branch credit union and generally there's no fee to use another CU's ATM).

A couple days later, I got a call from my credit union. It was a weekend, during the holiday, and the guy who called was obviously working for my little CU's after-hours fraud contractor. I'd dealt with these folks before – they service a ton of little credit unions, and generally the call quality isn't great and the staff will often make mistakes like mispronouncing my credit union's name.

That's what happened here – the guy was on a terrible VOIP line and I had to ask him to readjust his mic before I could even understand him. He mispronounced my bank's name and then asked if I'd attempted to spend $1,000 at an Apple Store in NYC that day. No, I said, and groaned inwardly. What a pain in the ass. Obviously, I'd had my ATM card skimmed – either at the Chase ATM (maybe that was why the transaction failed), or at the other credit union's ATM (it had been a very cheap looking system).

I told the guy to block my card and we started going through the tedious business of running through recent transactions, verifying my identity, and so on. It dragged on and on. These were my last hours in New Orleans, and I'd left my family at home and gone out to see some of the pre-Mardi Gras krewe celebrations and get a muffalata, and I could tell that I was going to run out of time before I finished talking to this guy.

"Look," I said, "you've got all my details, you've frozen the card. I gotta go home and meet my family and head to the airport. I'll call you back on the after-hours number once I'm through security, all right?"

He was frustrated, but that was his problem. I hung up, got my sandwich, went to the airport, and we checked in. It was total chaos: an Alaska Air 737 Max had just lost its door-plug in mid-air and every Max in every airline's fleet had been grounded, so the check in was crammed with people trying to rebook. We got through to the gate and I sat down to call the CU's after-hours line. The person on the other end told me that she could only handle lost and stolen cards, not fraud, and given that I'd already frozen the card, I should just drop by the branch on Monday to get a new card.

We flew home, and later the next day, I logged into my account and made a list of all the fraudulent transactions and printed them out, and on Monday morning, I drove to the bank to deal with all the paperwork. The folks at the CU were even more pissed than I was. The fraud that run up to more than $8,000, and if Visa refused to take it out of the merchants where the card had been used, my little credit union would have to eat the loss.

I agreed and commiserated. I also pointed out that their outsource, after-hours fraud center bore some blame here: I'd canceled the card on Saturday but most of the fraud had taken place on Sunday. Something had gone wrong.

One cool thing about banking at a tiny credit-union is that you end up talking to people who have actual authority, responsibility and agency. It turned out the the woman who was processing my fraud paperwork was a VP, and she decided to look into it. A few minutes later she came back and told me that the fraud center had no record of having called me on Saturday.

"That was the fraudster," she said.

Oh, shit. I frantically rewound my conversation, trying to figure out if this could possibly be true. I hadn't given him anything apart from some very anodyne info, like what city I live in (which is in my Wikipedia entry), my date of birth (ditto), and the last four digits of my card.

Wait a sec.

He hadn't asked for the last four digits. He'd asked for the last seven digits. At the time, I'd found that very frustrating, but now – "The first nine digits are the same for every card you issue, right?" I asked the VP.

I'd given him my entire card number.

Goddammit.

The thing is, I know a lot about fraud. I'm writing an entire series of novels about this kind of scam:

https://us.macmillan.com/books/9781250865878/thebezzle

And most summers, I go to Defcon, and I always go to the "social engineering" competitions where an audience listens as a hacker in a soundproof booth cold-calls merchants (with the owner's permission) and tries to con whoever answers the phone into giving up important information.

But I'd been conned.

Now look, I knew I could be conned. I'd been conned before, 13 years ago, by a Twitter worm that successfully phished out of my password via DM:

https://locusmag.com/2010/05/cory-doctorow-persistence-pays-parasites/

That scam had required a miracle of timing. It started the day before, when I'd reset my phone to factory defaults and reinstalled all my apps. That same day, I'd published two big online features that a lot of people were talking about. The next morning, we were late getting out of the house, so by the time my wife and I dropped the kid at daycare and went to the coffee shop, it had a long line. Rather than wait in line with me, my wife sat down to read a newspaper, and so I pulled out my phone and found a Twitter DM from a friend asking "is this you?" with a URL.

Assuming this was something to do with those articles I'd published the day before, I clicked the link and got prompted for my Twitter login again. This had been happening all day because I'd done that mobile reinstall the day before and all my stored passwords had been wiped. I entered it but the page timed out. By that time, the coffees were ready. We sat and chatted for a bit, then went our own ways.

I was on my way to the office when I checked my phone again. I had a whole string of DMs from other friends. Each one read "is this you?" and had a URL.

Oh, shit, I'd been phished.

If I hadn't reinstalled my mobile OS the day before. If I hadn't published a pair of big articles the day before. If we hadn't been late getting out the door. If we had been a little more late getting out the door (so that I'd have seen the multiple DMs, which would have tipped me off).

There's a name for this in security circles: "Swiss-cheese security." Imagine multiple slices of Swiss cheese all stacked up, the holes in one slice blocked by the slice below it. All the slices move around and every now and again, a hole opens up that goes all the way through the stack. Zap!

The fraudster who tricked me out of my credit card number had Swiss cheese security on his side. Yes, he spoofed my bank's caller ID, but that wouldn't have been enough to fool me if I hadn't been on vacation, having just used a pair of dodgy ATMs, in a hurry and distracted. If the 737 Max disaster hadn't happened that day and I'd had more time at the gate, I'd have called my bank back. If my bank didn't use a slightly crappy outsource/out-of-hours fraud center that I'd already had sub-par experiences with. If, if, if.

The next Friday night, at 5:30PM, the fraudster called me back, pretending to be the bank's after-hours center. He told me my card had been compromised again. But: I hadn't removed my card from my wallet since I'd had it replaced. Also, it was half an hour after the bank closed for the long weekend, a very fraud-friendly time. And when I told him I'd call him back and asked for the after-hours fraud number, he got very threatening and warned me that because I'd now been notified about the fraud that any losses the bank suffered after I hung up the phone without completing the fraud protocol would be billed to me. I hung up on him. He called me back immediately. I hung up on him again and put my phone into do-not-disturb.

The following Tuesday, I called my bank and spoke to their head of risk-management. I went through everything I'd figured out about the fraudsters, and she told me that credit unions across America were being hit by this scam, by fraudsters who somehow knew CU customers' phone numbers and names, and which CU they banked at. This was key: my phone number is a reasonably well-kept secret. You can get it by spending money with Equifax or another nonconsensual doxing giant, but you can't just google it or get it at any of the free services. The fact that the fraudsters knew where I banked, knew my name, and had my phone number had really caused me to let down my guard.

The risk management person and I talked about how the credit union could mitigate this attack: for example, by better-training the after-hours card-loss staff to be on the alert for calls from people who had been contacted about supposed card fraud. We also went through the confusing phone-menu that had funneled me to the wrong department when I called in, and worked through alternate wording for the menu system that would be clearer (this is the best part about banking with a small CU – you can talk directly to the responsible person and have a productive discussion!). I even convinced her to buy a ticket to next summer's Defcon to attend the social engineering competitions.

There's a leak somewhere in the CU systems' supply chain. Maybe it's Zelle, or the small number of corresponding banks that CUs rely on for SWIFT transaction forwarding. Maybe it's even those after-hours fraud/card-loss centers. But all across the USA, CU customers are getting calls with spoofed caller IDs from fraudsters who know their registered phone numbers and where they bank.

I've been mulling this over for most of a month now, and one thing has really been eating at me: the way that AI is going to make this kind of problem much worse.

Not because AI is going to commit fraud, though.

One of the truest things I know about AI is: "we're nowhere near a place where bots can steal your job, we're certainly at the point where your boss can be suckered into firing you and replacing you with a bot that fails at doing your job":

https://pluralistic.net/2024/01/15/passive-income-brainworms/#four-hour-work-week

I trusted this fraudster specifically because I knew that the outsource, out-of-hours contractors my bank uses have crummy headsets, don't know how to pronounce my bank's name, and have long-ass, tedious, and pointless standardized questionnaires they run through when taking fraud reports. All of this created cover for the fraudster, whose plausibility was enhanced by the rough edges in his pitch - they didn't raise red flags.

As this kind of fraud reporting and fraud contacting is increasingly outsourced to AI, bank customers will be conditioned to dealing with semi-automated systems that make stupid mistakes, force you to repeat yourself, ask you questions they should already know the answers to, and so on. In other words, AI will groom bank customers to be phishing victims.

This is a mistake the finance sector keeps making. 15 years ago, Ben Laurie excoriated the UK banks for their "Verified By Visa" system, which validated credit card transactions by taking users to a third party site and requiring them to re-enter parts of their password there:

https://web.archive.org/web/20090331094020/http://www.links.org/?p=591

This is exactly how a phishing attack works. As Laurie pointed out, this was the banks training their customers to be phished.

I came close to getting phished again today, as it happens. I got back from Berlin on Friday and my suitcase was damaged in transit. I've been dealing with the airline, which means I've really been dealing with their third-party, outsource luggage-damage service. They have a terrible website, their emails are incoherent, and they officiously demand the same information over and over again.

This morning, I got a scam email asking me for more information to complete my damaged luggage claim. It was a terrible email, from a noreply@ email address, and it was vague, officious, and dishearteningly bureaucratic. For just a moment, my finger hovered over the phishing link, and then I looked a little closer.

On any other day, it wouldn't have had a chance. Today – right after I had my luggage wrecked, while I'm still jetlagged, and after days of dealing with my airline's terrible outsource partner – it almost worked.

So much fraud is a Swiss-cheese attack, and while companies can't close all the holes, they can stop creating new ones.

Meanwhile, I'll continue to post about it whenever I get scammed. I find the inner workings of scams to be fascinating, and it's also important to remind people that everyone is vulnerable sometimes, and scammers are willing to try endless variations until an attack lands at just the right place, at just the right time, in just the right way. If you think you can't get scammed, that makes you especially vulnerable:

https://pluralistic.net/2023/02/24/passive-income/#swiss-cheese-security

Image: Cryteria (modified) https://commons.wikimedia.org/wiki/File:HAL9000.svg

CC BY 3.0 https://creativecommons.org/licenses/by/3.0/deed.en

[packagebros]

Package Bros

Package Bros emerged from our own entrepreneurial experiences, knowing the struggle to balance packaging costs with brand integrity. We specialize in helping entrepreneurs, founders, private equity firms, and businesses, large and small, reduce packaging costs while enhancing brand quality. Our supply chain spans domestic and offshore resources, ensuring transparency and reliability in timing, quality, and cost. We deliver what we once demanded as clients – a partnership you can trust.