For payment service providers, knowing why transaction laundering occurs is important to stopping it. We feel there are three reasons fraudsters turn to transaction laundering: To sell illicit and/or illegal goods, such as drugs To get better rates, both credit card acceptance and processing To lure consumer credit card data As we’re days from holiday…
Tag: transaction laundering
We Think This Was a Fraudulent Website and Here’s Why
We could be wrong, but once in a while we’ll get a merchant account application from an e-commerce merchant, whose website raises red flags. We’re forced to play judge and jury on whether we go forward in the merchant boarding process or decide it is a fraudulent website. Within the last six months, one particular…