Merchant Account Underwriting Tools

Does It Take a Crook to Catch a Crook?

It certainly worked for Frank Abnagale of “Catch Me If You Can” fame and, for a while, Barry Minkow of the ZZZZBest zaniness. http://blogs.wsj.com/law/2011/03/16/the-strange-life-of-barry-minkow-takes-another-odd-turn/

Perhaps the same model can work in the underwriting of merchant accounts. A recent entry to the merchant account world is Consumer Confirm, LLC which is, according to their corporate filing, located at 5700 Corsa Ave suite 200, Westlake Village, CA. This address, and the telephone on their website, connects to Lloyd Michaelson and Nick Skulktety. consumerconfirm.com.

According to the website “Confirmation Processing utilizes its risk management officers to highlight supporting factors. We review, condition, and repackage the file before submitting to our banking affiliates. This allows us to deliver a clear and precise explanation of why a file should be considered for a merchant processing account..

Its that “condition, and repackage the file” that would bother me as an underwriter. Especially in view of what I read on-line about these “underwriters”: http://www.vcreporter.com/cms/story/detail/a_paramount_problem/8566/. If you’re a risk manager you might want to read it too.

I tend to agree with attorney Anne Singer who was quoted in the Thousand Oaks Acorn “I’m willing to put money down that (Skulktety and Michaelson) will be indicted.”

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