Merchant Account Underwriting Tools

Monthly Archives: March 2011

Timeshares?? You gottabe kidding me merchant underwriters

People were conned into a presentation via a “free” vacation. They underwent several hours of harassment and then caved; gave them their credit card just to get out of the place.

Now, they want to sell?? You kidid’n me, right? Underwriters….You think there aren’t gonna be chargebacks when they can’t sell? Buyers already “lined up?’ Did you ever see a line to buy a timeshare? Get serious merchant underwriters! Protect your processor. They’re lining up to make chargebacks!!

They were dumb enough then, they’re dumb enough now. “That’s why we bought the list of dummies, dummy.”

“According to the FTC’s complaint, since at least 2006, Vacation Property Services, Inc., two related companies, and their three principals have made tens of thousands of unsolicited telemarketing calls to timeshare owners claiming that they could quickly find buyers for the owners’ timeshares. The defendants allegedly trick consumers into paying large up-front fees, typically using one of two deceptive sales pitches – that they have buyers lined up and waiting to buy the timeshare properties or that they will find a buyer for the timeshare properties within a short period of time. Regardless of the pitch used, the defendants demand that consumers pay an up-front fee, ranging from $200 to more than $8,000.”

The list of cry baby cry baby cry baby.


I’m not making this up, as Dave Barry would say. Mainly because I’m not smart enough to do it myself. Underwriters should check out a good blog at We can have a whole FUBAR group on this subject.


Dang, Barry…we thought you’d learned! Associated Press March 24, 2011, 10:39 a.m “in a plea agreement filed in a Miami federal court, Barry Minkow admitted to spreading lies about Lennar that caused its stock price to plummet in January 2009. The losses to Miami-based Lennar were estimated in the plea agreement to total $583.6 million.Read More

Cancer scams

Lowest of the low….. “Daniel Chapter One and Feijo deceptively advertised that four dietary supplements – BioShark, 7 Herb Formula, GDU, and BioMixx – inhibit tumor formation or growth, eliminate tumors, treat or cure cancer, or heal the effects of radiation or chemotherapy. An administrative trial took place in April 2009, and the Administrative LawRead More


This blog is not a consumer complaint site. There are plenty of those if you’re a cry baby who thought you were going to get something for nothing. This blog is about merchant underwriting and the people who set up accounts to defraud acquirers. If you’re an employee, or an former employee of a boilerRead More

And now I are one……

Do we love them or hate them? Mostly hate them. Lawyers, that is. And, with a never used law degree, I still love the language of the law. Quoting an old saying, “Two months ago I didn’t know what a lawyer was, and now I are one.” I regain my appreciation for the language ofRead More

Get on the bus!!

This has nothing to do with merchant underwriting. However, it reminded me of my minor role in something from the 1980 s called ABSCAM. You can look it up. The current story is similar: “As the buses pulled up to our Newark office yesterday morning carrying 44 prominent political and religious leaders—including mayors, assemblymen,Read More

Blurred Header…..duh?

Merchant fraud against merchant acquirers and merchant acquirer processors is usually blurred. Otherwise, it wouldn’t work. Would con men with bad personalities ever work? That’s why we have underwriters….! Utilize the resources available:…

Telemarketers….like roaches..scatter

Its their nature. This observation goes way, way back. A few million years for the roaches. A few decades for the telemarketers. Every time a boiler room is closed, the roaches scatter to form new alliances and continue what they know. Vigilant Underwriters watch for the roaches. The room bosses, the list sellers, the “men/womenRead More


EXCEPT fraud against processors. “the collusive merchant is usually an existing business or store and works with an ISO and agent bank to obtain a POS terminal and merchant account for that particular business. The store truly exists ­ and so does the basement operation centre which becomes the nerve cell for the bustout operation.Read More