Results 1 to 12 of 12
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07-20-2021, 10:06 AM #1
- Join Date
- Feb 2021
- Posts
- 5
Are Brokers Seeing an increase in fraud?
Curious To Know the latest Scams in the industry? seems to be an ever evolving.
Ryan Croall
Director ISO Relations
(413)-231-2523
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07-20-2021, 11:16 AM #2
- Join Date
- Apr 2017
- Posts
- 96
the industry is flooded with it, it's hard to keep track of it all
We see multiple per day, and those are just the ones we catch
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07-20-2021, 11:21 AM #3
Do brokers actually look for fraud?
Anthony Diamond
Underwriter
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07-20-2021, 11:36 AM #4
- Join Date
- Aug 2020
- Posts
- 138
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07-20-2021, 12:15 PM #5
- Join Date
- Jul 2017
- Posts
- 128
Many ISO's would look the other way on suspected fraud, push it to a Funder and hope it doesn't get caught prior to Funding. Not saying this is true of ALL brokers, of course.
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07-20-2021, 02:03 PM #6
- Join Date
- Feb 2018
- Posts
- 1,349
really depends on the marketing. if you just have a net and get internet leads, you will prob get more scams
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07-20-2021, 02:11 PM #7
- Join Date
- Apr 2021
- Posts
- 55
Attempted fraud - absolutely. I listen to like 70 live transfer calls a day. I think many merchants got that "FREE MONEY-ITIS" disease from the government cash. Now they want it again!!!!! $15,000 a month in deposits is $15,000 minimum - so no - our clients can't help someone with $8000. Happens all day.
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07-20-2021, 02:18 PM #8
- Join Date
- Jun 2017
- Posts
- 2,049
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07-20-2021, 02:19 PM #9
They're all liars, fraud is just expected natural progression
If you know you know
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07-20-2021, 08:29 PM #10
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07-21-2021, 09:21 AM #11
- Join Date
- Apr 2021
- Posts
- 55
Anywhere there is money it will be ugly. There will always be scams. There just happens to be an escalation in ATTEMPTED scams right now. We have measures in place before we transfer the live transfer from the business owner over to the lender. We tell them about three times that they will be hung up on if they are not really capable of proving that they do over $15,000 a month for the past three months - to say the leasts - we get a lot off last minute hangups
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07-21-2021, 09:48 AM #12
- Join Date
- Jul 2021
- Location
- New York
- Posts
- 1
Lol brokers mainly look for deals.
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