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Operation Choke Point has produced a spike in activity, with last week yielding two major settlements totaling over $6 million after a year of relative calm. As a result, G2 is reprising our 10 Steps guide for avoiding the unlawful activity that got the two defendant banks in trouble.

Recent headlines from CommerceWest Bank and Plaza Bank continue to underscore the need for a strong due diligence process when managing relationships with merchants and TPPPs. Although both cases involve complicity in fraud, they do highlight the consequences of being involved with such acts as well as how to avoid suspicions of impropriety. In the case of CommerceWest Bank, the pleading outlines several steps to ensure the bank is not abetting consumer fraud by taking precautions when working with payment processor customers including…

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File lockers go by many names: cyberlockers, cloud storage, file-hosting services, cloud-based storage services, and online file-storage providers, to name a few.  Regardless of what you call them, the business model is the same: users create accounts, save files to their accounts, and can then share these files with others. Many use these accounts to provide friends and family access to photos or video, while others may use it to store business documents.

 

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The Many Faces of Merchant Bust-Outs

According to ACI Worldwide, 50% of bust-out merchant fraud cases go unnoticed. Bust-out merchant fraudsters rack up high volumes of illegal transactions and then disappear, leaving others responsible for the subsequent chargebacks. As in a masquerade ball, fraudsters are able to go unnoticed, appearing to blend in as good merchants. Since different types of bust-out merchant fraud takes advantage of different aspects in the payments processing cycle, knowing the different types of merchant bust-out fraud can help lower the rate of undetected cases.

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