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08-17-2023, 03:02 PM #1
- Join Date
- Sep 2015
- Posts
- 40
DataMerch - Fake Banks
We are seeing an exponential increase in the number of merchants that are coming back with 'Fraudulent / Manipulated Banks' from Data Merch. There is something, especially after 13 years in this industry and knowing the people in it, that really does not sit right with me about individuals deciding that banks are manipulated. In my opinion this should require some sort of verification in order to be a DataMerch entry. Someone should have to have found evidence of the manipulation during a manual login or decision logic.
I think this needs to be an issue that is highlighted here. DataMerch has done great things for the due diligence capabilities of firms in this industry, but there should be a standard here. We are double checking on some of these accounts who's only negative factor seems to be the datamerch entries, and we just logged into a merchant with 'fake banks' only to verify everything on each statement, this is the eighth time this month. This is too much.Last edited by downtownfunding; 08-17-2023 at 03:18 PM.
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