Payment Fraud Schemes and Warning Signs
There are various types of payment Fraud to be aware of. Each has a unique identity, and we’ve listed out the most common forms of payment fraud below.
Single Origin
Card Brand Reactions to Russia Diluted
There was a lot of buzz in response to the revelation that Visa and Mastercard suspended operations in Russia shortly after the invasion of Ukraine. American Express followed suit shortly thereafter. The indication was that the cards issued by Russian banks would no longer be supported by the card brands. It appeared that Russian consumers might not be able to easily access their own funds, pay for purchases, transfer funds or withdraw cash form ATMs. This appeared to, therefore, be a very effective and powerful sanction directly impacting Russian citizens.
Stablecoins Still Pose Risks to Electronic Payments
“Stablecoins” are a relatively new class of digital assets that may be a cheaper, more efficient way to make purchases. A stablecoin is a type of cryptocurrency that is a more stable asset, and can have value linked to the U.S. dollar or other precious metals and cryptocurrencies. Other digital assets often fluctuate dramatically in price, but stablecoins are designed to be more stable.
Global Legal Law Firm Scores Big Win for Electronic Payments Client
Global Legal Law Firm recently scored a big win for its electronic payments client in a lawsuit filed in federal court. A dispute arose between two equal owners of an electronic payments company regarding the business and future for the company. One owner, aka “Bad Guy” or BG, filed a lawsuit in federal court to pressure the other owner, “Good Guy” or GG, as leverage to sell the company for less than it is worth.
“Buy Now, Pay Later” Credit Is In The Consumer Financial Protection Bureau’s Cross-Hairs
Electronic payments litigation is sometimes necessary for a business to pursue. An ISO attorney is one who is skilled in all areas of Independent Sales Organizations (otherwise known as an ISO), also known as Member Service Providers (MSPs). These are third-party companies contracted by a credit card member bank to procure new merchant relationships. The ISOs also process online credit card processing transactions for independent small businesses, typically in exchange for a flat fee or percentage of sales.
ISO Attorneys: Understanding ISO Payment Processing
Electronic payments litigation is sometimes necessary for a business to pursue. An ISO attorney is one who is skilled in all areas of Independent Sales Organizations (otherwise known as an ISO), also known as Member Service Providers (MSPs). These are third-party companies contracted by a credit card member bank to procure new merchant relationships. The ISOs also process online credit card processing transactions for independent small businesses, typically in exchange for a flat fee or percentage of sales.