“A Recognized Way of Combating Fraud”

Here’s a new way for underwriters to view merchants who set up shell companies with mail-drop addresses and straw owners to trick merchant banks into setting up new merchant accounts. According to a lawyer for I Works, “by creating different entities, they would be able to identify more easily who was committing fraud against them. This is a recognized method of combating fraud.” And might it be that it would be less easy for underwriters and risk managers to identify who was committing fraud against THEM for millions of dollars in unfunded chargebacks?
We’re always looking for new ways to combat fraud in merchant acquiring so keep this in mind, and if you’re bored and need a chuckle, read more at http://www.lasvegassun.com/news/2013/jun/18/were-philanthropists-good-deeds-financed-his-bad-d/#axzz2WTBhzmdK.