However, since the Federal Trade Commission injunctions this week against acai berry scammers I’d like to have a way to take bets on what “businesses” they will bring to the underwriters next. Not that there aren’t hundreds of websites out there with similar phony claims, and millions of stupid consumers who will fall for them.
Still, the publicity should at least remind merchant underwriters that boarding these types of accounts can have its consequences:
“The FTC has received many complaints from people who paid as much as $100 the products sold by the deceptive sites. The FTC will attempt to get the courts make the companies provide refunds to these consumers.”
Right. Sure they will. This shouldn’t be called consumer fraud but rather acquirer fraud. That’s where the refunds will come from via chargebacks.