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FTC Says Payment Processor Took Millions
coondoggie writes "The Federal Trade Commission and seven states have charged a payment processor with violating federal and state laws by debiting, or attempting to debit, from consumers' bank accounts on behalf of numerous fraudulent telemarketers and Internet-based merchants. Between June 2004 and March 2006, the payment processing company, Your Money Access, processed more than $200 million in debits and attempted debits to consumers' bank accounts. More than $69 million of the attempted debits were returned or rejected by consumers or their banks for various reasons, indicating the lack of consumer authorization, the FTC complaint alleges."
a) Credit card companies close attention to merchant accounts. If your chargeback rate gets up above 1% you will have some explaining (and fixing) to do if you want to keep your account. (One reason Credit Card companies pay attention is because they charge merchants heavy fines for chargebacks, it's a good source of additional income for the card companies).
b) The article doesn't mention credit cards at all. The company may have been doing some other form of transfer (eg ACH).
If you don't know what you are talking about why not just shut the fuck up?
Boffoonery - downloadable Comedy Benefit for Bletchley Park
More FUD without anything to back it up.
Here's a more extensive excerpt from Visa. Emphasis mine.
" Visa's Zero Liability policy took effect April 4, 2000, and is a great improvement on the previous policy. The former policy required that you report fraudulent activity within two business days of discovery. After this two-day period, you could be held responsible for up to $50 of the unauthorized charges. With the new Zero Liability policy, you're no longer required to report fraudulent activity within two days and you're not responsible for any fraudulent transactions made over the Visa network.
he Zero Liability policy covers all Visa credit and debit card transactions processed over the Visa network--online or off. The only transactions not covered under the Zero Liability policy are commercial card, ATM, and non-Visa-branded PIN transactions. "
OK, i think I've made you look like a fool enough today, wouldn't you agree?
I just posted this below, but rather than make you actually scroll down, I figured I'd repost here for your convenience:
More FUD without anything to back it up.
Here's a more extensive excerpt from Visa. Emphasis mine.
" Visa's Zero Liability policy took effect April 4, 2000, and is a great improvement on the previous policy. The former policy required that you report fraudulent activity within two business days of discovery. After this two-day period, you could be held responsible for up to $50 of the unauthorized charges. With the new Zero Liability policy, you're no longer required to report fraudulent activity within two days and you're not responsible for any fraudulent transactions made over the Visa network.
he Zero Liability policy covers all Visa credit and debit card transactions processed over the Visa network--online or off. The only transactions not covered under the Zero Liability policy are commercial card, ATM, and non-Visa-branded PIN transactions. "
OK, i think I've made you look like a fool enough today, wouldn't you agree?
God, this is so much fun.
1. I specifically said "a card with the Visa or MasterCard logo."
2. I know you're not speaking in absolutes. That's because people like you who have no clue what they're talking about use language that's as general as possible to try to hide the fact that you have no clue what you're talking about.
3. And HERE'S where you look stupid again...
You talked out your ass and said...
". And I don't care what you think you read, they are not going to return it to you the day you call to complain. Most take 30-45 days to resolve. It's not uncommon for some to go 120+ days. And in some cases, the money is NEVER returned."
But the FACTS are...
"Visa's cardholder protection policy requires all financial institutions issuing Visa products to extend provisional credit for losses from unauthorized card use within five business days of notification of the loss. However, many major financial institutions affiliated with Visa will issue provisional credit even earlier--within 24 to 48 hours after the loss is reported."
http://usa.visa.com/personal/security/visa_security_program/zero_liability.html
It just so happens that my bank offers 24-hour cash replacement. And a cursory look at the policies of other major banks (Wells, Citi, BoA, Chase) confirms the "24 to 48 hour" window.
I really hope you reply because I'm having a really great time over here rubbing your nose in it. Just put your tinfoil hat back on and carry on with your normal business. It'll save you both time and embarrassment.
Again, here's a cross-post. I want you to feel stupid as soon as possible, and by cross-posting I can ensure you feel stupid a couple seconds earlier than you otherwise would...
"Visa's cardholder protection policy requires all financial institutions issuing Visa products to extend provisional credit for losses from unauthorized card use within five business days of notification of the loss. However, many major financial institutions affiliated with Visa will issue provisional credit even earlier--within 24 to 48 hours after the loss is reported."
http://usa.visa.com/personal/security/visa_security_program/zero_liability.html
It just so happens that my bank offers 24-hour cash replacement. And a cursory look at the policies of other major banks (Wells, Citi, BoA, Chase) confirms the "24 to 48 hour" window.