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  1. #1
    Senior Member Reputation points: 47257
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    Los Magueys 3 FRAUDELENT ACCOUNT

    Just an fyi, this deal has been passed around and i think someone is about to fund him, he has sent me statements that are fraudulent, and very well done.

    Just thought I would give you guys a heads up.

  2. #2
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    Oops I think I funded him

  3. #3
    A forum user Reputation points: 2147483647 Sean Cash's Avatar
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    Quote Originally Posted by MCNetwork View Post
    Oops I think I funded him
    make all the jokes you want. I think skideeppow just did something very noble that could protect a funder's and syndicates money from a fraudster. The more sharing like this, the better.

  4. #4
    NAMAA sees 3-5 fraud alerts per day from the member companies. Lately many are from manufactured or altered bank statements.

  5. #5
    But now with logging into the bank account to verify, this type of fraud is always discovered.

  6. #6
    Quote Originally Posted by merchant cash cloud View Post
    But now with logging into the bank account to verify, this type of fraud is always discovered.
    This is an interesting point, but I'm not sure how prevalent it is these days. What percentage of funders out there require a merchant's bank account login and password before funding??
    Last edited by Capital Stack; 10-22-2013 at 05:35 PM.

  7. #7
    Senior Member Reputation points: 148 Capital Stack's Avatar
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    Our system does it on an automated basis, daily. Helps drastically in dealing with these situations.



    Quote Originally Posted by Gini Co View Post
    This is an interesting point, but I'm not sure how prevalent it is these days. What percentage of funders out there require a merchant's bank account login and password before funding??

  8. #8
    A forum user Reputation points: 2147483647 Sean Cash's Avatar
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    Quote Originally Posted by Gini Co View Post
    This is an interesting point, but I'm not sure how prevalent it is these days. What percentage of funders out there require a merchant's bank account login and password before funding??
    You shouldn't need their login and password. You should be able to present the merchant with an online dashboard to enter that stuff in on their own and by doing so, grant you access to their data.

  9. #9
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    We use a third party system API to do the bank verification with the merchant providing their information to that system. This is required before funding.

  10. #10
    A forum user Reputation points: 2147483647 Sean Cash's Avatar
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    Quote Originally Posted by HeatherF View Post
    We use a third party system API to do the bank verification with the merchant providing their information to that system. This is required before funding.
    heather do you just use it "verify" or do you pull 90 days worth of their bank data too? Do you still need paper bank statements?

  11. #11
    Veteran Reputation points: 134971 Chambo's Avatar
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    If you guys are all logging into bank for verification, what do you still require bank statements for then? Just get one, log in, and then you have all the data you need.

  12. #12
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    Quote Originally Posted by sean bash View Post
    heather do you just use it "verify" or do you pull 90 days worth of their bank data too? Do you still need paper bank statements?

    Sean,

    We do it for verification that our test debit has cleared, that there are no other funders debiting or crediting, and we do the day we fund for that reason. We do get 90 day but as stated before we are pulling this the day we fund vs. at the start of the application as too many things can happen between initial app and time of funding. Also IBV is not a cheap data pull and at certain volumes it does not make sense to use at the start of an application vs. when you know it is going to fund. You spend a lot of money on investigative services in this industry and where and when you pull certain data in the underwriting process can help alleviate the overall cost of acquisition and allows us not to fee the merchant for funding them, as we have no application fee. This is also true in algorithm models as well.

  13. #13
    Quote Originally Posted by Chambo View Post
    If you guys are all logging into bank for verification, what do you still require bank statements for then? Just get one, log in, and then you have all the data you need.
    If you can get a merchant to give bank account login and password at the application stage before any offers have been made...by all means...hold the bank statements.

  14. #14
    Paper Statements are the way to get approval, im not sure what the lenders do, but prior to funding they login and make sure the paper statements match online.

  15. #15
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    Quote Originally Posted by sean bash View Post
    make all the jokes you want. I think skideeppow just did something very noble that could protect a funder's and syndicates money from a fraudster. The more sharing like this, the better.
    I agree. We should all help each other out in this way. It doesn't help any funders when a merchant gets 3 or 4 advances without the funders having knowledge of this.

  16. #16
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    And for the ISO's on here.
    If you have knowledge of a client doing this do not submit them. This will only burn your bridges down the road...



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