Merchant Account Underwriting Tools

The Top Frauds of 2018

Which Ones Affect Underwriters?

We might well ask “Which Ones Don’t?” The FTC fraud complaint site amassed 1.4 million complaints in 2018 totaling one and a half billion dollars, a 38% increase over 2017, in consumer losses.

Everything from debt collection, imposter scams, identity theft, work at home, credit card fraud, to many more esoteric swindles. And much of this skullduggery requires the fraudster to have/or use a merchant account to collect the profits. Think telemarketing, ponzis, phantom debt, phony charities.

As much as a billion dollars does seem (and is) a frightening number, its a drop in the proverbial bucket compared to the “real” total, most of which is not submitted in the form of FTC complaints.

Underwriters must stay attuned to what’s going on “Out There” if they are to avoid the trap of cross-your-fingers and board the account. ARMS can often help you see the Man Behind the Curtain before its too late.

Here’s the FTC report: https://www.consumer.ftc.gov/blog/2019/02/top-frauds-2018

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