Fakes are real, big business and counterfeit goods are ubiquitous both on- and offline. The merchants who sell them pose increased risk for the acquirers and payment service providers (PSPs) who provide them with card acceptance.
The noun ‘con’ is short for ‘confidence trick’, a swindle involving money in which the victim’s trust is won by the swindler. Con artists use various well-honed tactics to defraud their victims. As an Underwriter, you should know how to spot them.
At the end of June 2019, Visa announced worldwide harmonisation of requirements for free trial merchants. We examine these requirements and highlight the similarities and differences with the Mastercard requirements that came into effect on 12 April 2019.
Transaction laundering has always been a multifaceted problem. One of its most insidious forms is the competitor takedown attack, where fraudsters weaponise card scheme test transactions to discredit legitimate merchants.
“On the internet, nobody knows you’re a dog” read the caption to the famous New Yorker cartoon. No-one speaks much about the kennel though, but perhaps they should: Addresses can be used to evade sanctions, perpetrate crime and launder money.